Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Oriental Group, the banking subsidiary of Oriental Financial Group (NYSE:OFG), has fully migrated to Metavante's outsourced core banking technology, which expands its deployment of Metavante products and services.
Based in San Juan, Puerto Rico, Oriental Financial Group is a financial holding company with over $6 billion in assets.
Through a multiple services agreement, Oriental Group is implementing a full suite of banking and payments solutions through Metavante's Integrated Banking Services (IBS) that includes customer relationship management and check imaging services. Oriental Group has also adopted Metavante lending automation technology to automate and integrate its mortgage capabilities throughout its 24 financial centers.
"Our primary focus is to provide our valued customers with only the highest quality offerings," said José Rafael Fernández, president and chief executive officer, Oriental Group. "We are confident in Metavante's ability to continue delivering the technology and expertise to make this possible, as well as help us further enhance our ability to distinguish ourselves in the marketplace."
Oriental Group selected Metavante in support of a major initiative to streamline internal processes and help provide critical gains in efficiency and speed to market. The bank also required products that would easily integrate with its core processing solution from Metavante. Oriental Group replaced its previous mortgage technology solution with Metavante's Loan Origination Studio (LOS) platform, a comprehensive, end-to-end residential mortgage, consumer and home equity loan origination system. The LOS will provide Oriental with Web-based loan origination capabilities and integration between Metavante's LOS and core banking solutions.
"The ability to retain and expand our existing relationships with clients like Oriental Group is the ultimate endorsement of how we're providing significant value to the competitive banking community," said Jamie Geschke, group president, Metavante Financial Solutions Group. "Oriental Group presented us with a clear business vision of streamlining its operations, increasing cost efficiencies and improving the customer experience. We're helping Oriental achieve these objectives through the robust functionality of Metavante's IBS core processing platform that is coupled with distinct software that will provide a 360-degree view of Oriental's customer base. We're also providing the technology to automate Oriental's mortgage origination process, which will assist in streamlining operations both in its branches and the back office."