Single, flexible, integrated platform will automate organization's full loan lifecycle
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that Concentra has selected SS&C's Precision LM™ loan management solution to manage its commercial loan portfolio.
Based in Saskatchewan, Concentra is Canada's only schedule one chartered bank focused on creating value for the credit union system. Concentra is also the country's primary provider of wholesale banking and trust solutions for the credit union system. In 2016, Concentra facilitated nearly $1 billion in commercial transactions, helping credit unions improve performance, manage risk, and grow member relationships.
The decision to implement Precision LM aligns with Concentra's efforts to continuously improve operational infrastructure and processes for seamless delivery of solutions to credit unions. The flexible, integrated platform Precision LM provides will automate the full loan lifecycle - including origination, servicing, accounting, and asset management.
"Partnering with SS&C on our loan technology upgrade project allows Concentra to better serve our clients and supports our continued growth," said Harold Chornoboy, Senior Vice President, Commercial Markets at Concentra. "Precision LM will improve efficiency, provide support for a broad range of commercial loan products, and enable Concentra to advance our offering of commercial lending solutions to credit union partners."
"SS&C has been servicing the Canadian market for over 25 years, and we continue to increase our Canadian client base using our Precision LM product," said J. Timothy Reilly, SS&C's Senior Vice President and General Manager, Institutional and Investment Management. "We understand the unique requirements of Canadian lenders and servicers, and have extensive experience complying with Canadian data privacy legislation. Precision LM is a solution that will enhance Concentra's operations, and we are very excited to partner with them."
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services industry. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 10,000 financial services organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
Concentra is the wholesale bank and trust company for Canada's credit unions. We bring national connections to local credit unions, helping to serve 5 million members across Canada.
Concentra specializes in asset management, treasury, and trust solutions, focusing on providing credit unions with strategies to improve performance, manage risk, and grow member relationships.