IA Systems Announces
Exponential Growth in Third Quarter
Strategic alliances, new customers, enhanced
services continue breakthrough year for
loan origination software provider
ALBANY, N.Y., Nov, 2006 –
IA Systems, a provider of lending software and services for credit unions, banks
and other financial institutions, reported growth and industry expansion during
the third quarter of 2006. The company continues to develop strategic industry
alliances, realized five new clients, released new products and will be
migrating four existing clients to its next-generation loan processing system,
StreamLend
Velocity. IA Systems reported the highest sales quarter in the history of the
company.
“Our
new Velocity platform provides the lending industry with a technology solution
that accelerates lending and drives the overall “lendscape” in a productive and
efficient way” said Chris Cazer, president of IA Systems. “IA Systems’ sales
growth, combined with its client success stories, testifies to StreamLend
Velocity’s great value. We will continue in this manner as we expand to meet all
areas of lending needs for financial institutions.”
IA Systems
formed strategic partnerships with Lexis/Nexis® and VINtek. An interface
integration between StreamLend and Lexis/Nexis’ InstantID™, the only
verification and validation solution endorsed by the American Bankers
Association, provides IA System’s customers with identity verification for loan
applicants, as well as an OFAC check and compliance with the USA PATRIOT Act.
StreamLend Velocity’s integration with VINtek’s VINtekTIME, a paperless and
paper title tracking system, offers customers a more comprehensive approach to
auto financing.
Clients -- Barksdale Federal Credit Union, Eastman Credit Union, Group
Health Credit Union,
Texas Bay Area Credit Union
and
Tyndall Credit Union selected to implement StreamLend Velocity while Belco
Community Credit Union, Municipal Credit Union, Clark County Credit Union, and
American Family Insurance Company have chosen to migrate to StreamLend Velocity
from their current IA Systems StreamLendÒ product. Group Health Credit Union,
has selected to leverage IA Systems' advanced
ASP environment to lower IT costs, increase security and provide business
continuity.
Product enhancements included various optional features, such as: a disaster
recovery service; a powerful cross-sell engine; and a forms software development
kit that provides customers with the ability to control their own destiny by
allowing them to manage compliance and insurance documents internally.
IA
Systems hosted its 5th Annual Users Conference with the Lendscape 2006 theme at
The Sagamore Resort in Bolton Landing, N.Y. (Lake George)
October 22-25, 2006.
It boasted over 120 attendees, IA Systems’ most successful conference to date.
The
company also continues to experience success through IA University, a series of
Web-based classes that educate and drive knowledge transfer through lending
organizations.
“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
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