Chohung Bank is the oldest and one of the largest financial institutions in Korea, with operations dating back to 1897. The U.S. subsidiary banks â Chohung Bank of New York and California Chohung Bank â primarily serve the Korean communities in those states.
The subsidiary banks will utilize ALLTEL's HORIZON Banking System for core account processing, the integrated platform solutions for retail delivery services, ACquire, a report management and data warehouse system and image item processing product. The banks will process out of the HORIZON technology center in Los Angeles.
"The HORIZON Banking System provides Chohung Bank with a tremendous product set coupled with the flexible technology to grow our customer base," said Mr. Dong Keon Sohn, president of Chohung Bank. "ALLTEL's products have an extremely high level of integration, which will enable our banks to continue to provide customers with the highest level of service possible."
"By operating in an IBM iSeries service bureau environment, the Chohung Banks are positioned to automatically have the latest version of ALLTEL's applications for each of their banks," said Gary Norcross, president of ALLTEL's Integrated Financial Solutions division, which is based in Maitland, Fla. "ALLTEL's integrated front- and back-office banking systems will provide Chohung with flexible, feature-rich product and service offerings for its customers."
Forty-seven of the top 50 U.S. banks rely on ALLTEL's products and services. ALLTEL provides loan servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion, including more than 2.5 million subprime loans. Additionally, more than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications.
ALLTEL, with more than 12 million communications customers and more than $7.7 billion in revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries.