IA Systems Announces Major Advancements in
First Quarter of 2006
New product
launch, additional offerings lead to record sales, increased personnel
Albany, NY, April 25, 2006 –
IA
Systems—a provider of lending software and services to credit unions, banks, and
other financial institutions—today announced record growth for the first quarter
of 2006. The launch of its new loan processing system, StreamLend Velocity,
lead to double the sales volume experienced in the first quarter of 2005.
Additionally, the company increased its staff by 10 percent, including expanding
its sales staff, to meet the growing demand of StreamLend Velocity, which
now represents 20% of its client base.
“The launch of StreamLend Velocity in January prompted an
influx of business from both our existing customers and new financial
institutions,” said Deb Ryan, chief executive officer of IA Systems. “Now that
the solution is implemented in financial institutions, we are able to see how
they customize StreamLend Velocity to fit their individual needs. The
product is proving to speed up loans, decrease operating costs, and increase
service levels. Our customers helped design StreamLend Velocity, so it is
no surprise that they are embracing the opportunity to experience its benefits.”
IA
Systems also opened its application service provider (ASP) hosting facility in
the first quarter, offering lenders a hassle-free, low-cost entry point to
StreamLend Velocity, and enabling lenders of all sizes to produce more
competitive loans. Additionally, the facility offers superior disaster recovery
and business continuity solutions at a lower cost than an in-house installation,
as well as a broadband infrastructure that supports an institution’s rapid
growth. Anheuser-Busch Employees' Credit Union (St. Louis, MO; $810M in assets)
announced that it selected IA Systems in the first quarter because the hosting
facility will meet the institution’s growing loan demand through its 27
branches.
Nine of IA
System’s existing clients selected to migrate to StreamLend Velocity
during the first quarter. These financial institutions include: Bay Federal
Credit Union (Capitola,
Calif.; $510M
in assets); Beneficial Savings Bank (Philadelphia,
Pa.; $2.4 billion in assets);
Educators Credit Union (Racine, Wis.; $765M
in assets); Financial Partners Credit Union (Downey, Calif.; $643M in assets);
First Technology Credit Union (Beaverton, Ore.; $1.5 billion in assets); and
Metropolitan Credit Union (Chelsea, Mass.; $610M in assets); among others. This
combined with the clients that committed to the solution last year, represents
20 percent of IA System’s total client base.
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 purchased IA Systems, providing the backing of a parent company with
$26 billion in assets. Securian is one of the nation’s largest independent
distributors of insurance and 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 such as a user-centric
browser interface, configurable workflow, and modular software design. The
powerful and flexible 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
(pdf
version)