Bank One and AMS ink loan origination deal

Bank One and AMS ink loan origination deal

American Management Systems has won a contract to develop an open architecture loan originations solution to support Bank One's first mortgage business as well as its direct and indirect consumer lending products.

The new system will be used to support improved customer service and real-time operations at Bank One, with automated approvals on loan and mortgage applications. The component-based platform is expected to enable improved speed to market for new loan offerings and more flexibility in accessing internal and external sources of data.

Under the agreement, Bank One will contribute business and technological expertise to the development of the new system, which will be deployed across the bank's infrastructure beginning next year.

AMS will draw on its existing Automated Credit Application Processing System (Acaps Enterprise) in building the product, which will mark an extension of the company's consumer credit product business into the first mortgage space.

Walter Howell, executive vice president and general manager of AMS's financial services practice claims the end-product will become the state-of-the-art customer-based originations solution for the financial industry.

"Financial institutions in the future will demand a universal origination system that seamlessly supports all retail credit product offerings for their enterprise," he says.

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