Open Solutions IA Systems Announces Seven 4th Quarter Implementations

15 January 2009

IA Systems, an Open Solutions business unit and a provider of innovative lending software to financial institutions, announced another successful quarter with seven credit unions implementing StreamLend Velocity to fulfill their need for an innovative loan origination system. Open Solutions Inc.® is a leading provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets.

IA Systems’ 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. The system was carefully chosen by these institutions to further enhance automation and accelerate the lending process.

Allegacy FCU (Winston-Salem, N.C.), a top 100 credit union by assets, chose the paperless, end-to-end loan origination system to better automate and accelerate its lending process while further increasing efficiency by integrating with its core provider. Allegacy cites Open Solutions IA Systems’ exceptional teamwork and commitment to ensure a successful implementation as key reasons for selecting the system.

“I cannot say enough about the Open Solutions IA Systems team and their commitment to our satisfaction and to a successful implementation. They were as committed as we were in doing whatever it took to get the job done and we greatly appreciate all their efforts,” said Bill Lackey, CIO of Allegacy.

“The 2008 fourth quarter achieved significant growth in implementations, evidencing StreamLend Velocity’s value in the industry,” said David Van Pelt, senior director of software development for Open Solutions IA Systems. “The lending landscape has significantly changed this past year but with a customizable and efficient lending system, these institutions will be equipped to meet future challenges head on. We’re pleased with these institutions’ decision to select our system, and we look forward to helping them improve lending efficiencies moving forward.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development