$2.1
Billion GTE Federal Credit Union Opts for IA Systems’
StreamLend®
Velocity
One
of nation’s largest credit unions selects Web-based solution
to replace
custom-built, in-house loan processing system in all 35 branches
ALBANY,
N.Y.,
July 24, 2006
– IA Systems, a provider of lending software and services to credit unions,
banks and other financial institutions, announced that $2.1 billion GTE Federal
Credit Union selected StreamLend Velocity to enhance its loan processing
operations. After operating a custom-built, in-house loan origination
system for the last five years, the credit union decided to move to StreamLend
Velocity to reduce its overall IT operation costs. Key to this savings is
Velocity’s ability to provide powerful customization capabilities to
users in its easy-to-use maintenance module, without software engineers having
to reprogram the underlying technology.
Tampa,
Fla.-based GTE FCU plans to automate lending, processing, underwriting, funding,
and closing operations with StreamLend Velocity in all of its 35
branches. The solution’s open standards .NET and XML architecture enables it to
integrate with all major core processors and third-party applications, as well
as incorporate diverse loan delivery channels easily. GTE FCU will use
StreamLend Velocity for automobile loans, personal loans, insurance
services, indirect lending, and home equity loans through a variety of channels
including in-person, branches, loan by phone, call centers, online, fax, and
email. Following a conversion of its core data processing solution, the credit
union plans to “go-live” with StreamLend Velocity in the first quarter of
2007.
“Converting to
IA Systems’ StreamLend Velocity gives us the flexibility necessary to
have faster, more reliable loan processing for our members,” said Neil Timson,
senior vice president of lending at GTE FCU. “StreamLend Velocity gives
us the ease of expanding delivery channels while avoiding the complications and
costs of maintaining an in-house system.”
GTE is the
30th
largest
credit union in the country, and has a reputation as a leader in
financial institution technology (e.g., in the 1970s, it was the first credit
union in the world to offer credit cards; more recently, it was the second
credit union in the country to offer a successful debit card program). With
currently more than 600 employees, 214,000 members, 35 branches, and over $2.0
billion in assets, GTE has been one of the fastest growing credit unions in the
country.
Chris Cazer, president of IA
Systems, added, “Our goal is to make the lending process as simple as possible
while still maintaining flexibility and strength. StreamLend Velocity’s
open architecture allows GTE to surpass the control it had with its in-house
system, while also providing a solution that is easy to use and easy to
maintain. The Web-based options of our Velocity platform give
customization, scalability, and control to financial institutions of any size.”
StreamLend Velocity is
a customizable, paperless loan origination system that automates the lending
process from beginning to end. The loan origination technology also offers
advanced security, auditing, and compliance tools that allow lenders to protect
borrowers and keep data safe. Not only does StreamLend Velocity allow
financial institutions to expand their portfolios while mitigating risk, the
technology also decreases the costs of lending operations while simultaneously
increasing loan processing efficiencies and increasing borrower satisfaction.
About IA
Systems
Since 1991, IA
Systems has developed technology to streamline business operations for credit
unions, banks, and other financial institutions. In 2000, St. Paul, Minn.-based
Securian Financial Group, with assets of more than $26 billion, purchased IA
Systems, providing IAS with a national sales force and the financial backing of
one of the nation’s largest independent distributors of insurance protection
services for financial institutions.
IA Systems’
flagship product, StreamLend Velocity, is a paperless, end-to-end loan
origination system that simplifies, automates, and accelerates the lending
process using industry-advancing tools, including: a user-centric Web interface,
configurable workflow, expansive sales channel integration, and a modular
software design based on open standards. The powerful and flexible Web-based
tools of StreamLend Velocity automate workflow, speed credit and loan
decisioning, integrate sales channels, and manage risk for financial
institutions, while decreasing operational costs and increasing loan processing
efficiencies.
For more information about IA Systems and
its products and services, visit the company’s Web site at
www.IASystems.com, write
500 New Karner Road,
Albany, N.Y. 12205,
or call 800.803.7554 ext. 396.
—end—
For more info,
contact: Lisa Santy, 518.862.9200 ext. 396,
lsanty@iasystems.com
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