$1.7 Billion Texans Credit Union Selects IA
Systems’ StreamLendÒ
Velocity
Web-based loan processing solution to strengthen
credit union’s growing branch network
ALBANY, N.Y., May 22, 2006 --
IA Systems, a provider of lending software and services to credit unions, banks,
and other financial institutions, announced that $1.7 billion Texans Credit
Union selected StreamLend Velocity to support its direct and indirect
lending programs.
The 31-branch,
160,000-member credit union selected StreamLend Velocity largely because
its highly customizable structure will allow Texans to meet the lending needs of
a growing branch network and its open software architecture allows for greater
compatibility with other market products. The loan processing solution is
scheduled to replace the credit union’s current custom-built, in-house system in
October 2006.
“We believe that StreamLend Velocity
is able to offer more than our current custom-built system and will better
support our lending operations,” said John Kurtz, VP of Retail Lending at Texans
Credit Union. “We anticipate StreamLend Velocity will be easy to use and
very user friendly. Moreover, the flow of the loan application through its
journey is smooth and seamless. We expect the product to improve all channels of
lending, thus benefiting our credit union members.”
According to Kurtz, it was
StreamLend Velocity’s high level of customizable lending technology,
wrapped around a user-friendly interface, that most impressed Texans with IA’s
product.
StreamLend
Velocity’s highly configurable workflow engine enables users to adapt the
system to meet varying needs for either centralized or decentralized lending
branch networks. It can assign loan applications to specific loan officers, by
type of loan or by volume, depending on the criteria set. Additionally, the
solution’s .NET and XML architecture allows it to seamlessly integrate with all
major core data processors, and offer dozens of interfaces to third-party
applications.
“Texans Credit Union’s steady growth
positions it to take full advantage of StreamLend Velocity’s power and
efficiency,” said Chris Cazer, COO of IA Systems. “The solution will equip
everyone from front-line employees to senior executives with the tools necessary
to fund more loans to more borrowers, and to do so with enhanced efficiency and
at a reduced cost of ownership. The open architecture and many customizable
aspects of StreamLend Velocity give Texans the control it had with its
custom-built solution, while offering extended power to support the credit union
through its growth.”
StreamLend
Velocity also offers advanced security, auditing, and compliance tools that
allow lenders to protect their borrowers and keep their data safe. The solution
is constantly updated to ensure that financial institutions maintain compliance
with all state and federal regulations, including enhanced Reg. B, the US
PATRIOT Act and OFAC, among others.
About Texans CU
Founded in
1953 by eleven Texas Instruments employees, Texans Credit Union now operates
under a community charter providing a full suite of financial products and
services to more than 160,000 members throughout five counties. Texans operates
31 branches and currently manages over $1.7 billion in assets, placing it in the
top 1% of credit unions nationwide.
Texans Credit
Union believes that technological advancement and progress are paramount to its
success, providing the foundation for a constant state of growth within the
financial industry. Through new products and services and more advanced
technology and tools, Texans provides members with every convenience while still
providing a consummate standard of undivided personal attention and service.
To learn more
about Texans CU call 800.843.5295 or visit
http://www.texanscu.org.
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-leading 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 browser-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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