IA Systems, an Open Solutions business unit and a provider of lending software and services for financial institutions, announced that Rivermark Community Credit Union, a $370 million asset-size credit union headquartered in Beaverton, Ore., selected StreamLend™ Velocity. This paperless, end-to-end loan origination system (LOS) was chosen to better automate and accelerate the lending process while integrating with its core data processing system, allowing the credit union's existing data to be incorporated instantly to speed processes. Open Solutions Inc.® is a leading provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets.
Using StreamLendVelocity, Rivermark can make instant offers to new members for credit cards or auto loans, among other services. The system offers advanced security, auditing and compliance tools to protect borrowers and keep data safe. StreamLendVelocity's proprietary, configurable workflow engine enables credit unions to customize the system to meet the needs of any lending environment. Furthermore, the system seamlessly integrates with supporting programs and Web sites like Kelley Blue Book, allowing employees to quickly and easily generate auto loan values.
"Beyond the system's interface capabilities, we were very impressed that IA Systems hired a consulting firm to research how credit union employees best understand and use technology," said Gayle Rust Gustafson, vice president of financial services for Rivermark. "This data was then used to create a user-friendly system that automates processes and improves workflow. Few providers would make such a commitment, and this dedication was a factor in our decision."
During the vendor selection process, Rivermark recognized a number of quality loan origination systems, but few interfaced with its core platform. Open Solutions IA Systems recognized the need for its clients to have the ability to interface to any core system, and used various resources to accommodate the specific demands of Rivermark without placing any additional IT demands on the credit union.
"The ability to seamlessly integrate with a variety of core processing solutions has always been a key benefit of StreamLend Velocity," said Dave Van Pelt, general manager of Open Solutions IA Systems. "That continues to be true today. We ensure our solutions work in tandem with any of the core solutions on the market. Taking the responsibility of full integration helps to keep our lender partners' focused on making loans and not on technology installations. We continue to dedicate ourselves to providing the best technology to lenders, and therefore use the necessary resources to assure that each lender has a solid processing system to increase efficiencies and reduce operational costs."
About Rivermark Community Credit Union
Based in Beaverton, Ore., Rivermark Community Credit Union is a member-owned, not-for-profit financial cooperative with assets exceeding $370 million. For more than 56 years, families in the surrounding communities have trusted Rivermark for unique and affordable financial solutions. With reasonable rates, convenient access and friendly, personal service, Rivermark helps over 45,000 local members get the most out of life.
About Open Solutions IA Systems
IA Systems, an Open Solutions business unit, has developed technology to streamline business operations for credit unions, banks, and other financial institutions since 1991. Its flagship product, StreamLend Velocity, is a paperless, Web-based loan origination system that speeds credit and loan decisioning, integrates sales channels, and manages risk for financial institutions. For more information about Open Solutions IA Systems and its products and services, visit www.IASystems.com or call 800.803.7554 ext. 279.
About Open Solutions
Open Solutions Inc. offers a fully featured strategic information management product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.