Farm Credit Bank of Texas (FCBT), a co-operatively owned wholesale funding bank, has licensed Misys' loan origination and credit workflow management solution integrating it with its existing core loan servicing solution, Misys FusionBanking Loan IQ.
This will enable the bank to streamline the process from origination all the way through to loan closure.
FusionBanking Lending, the recently announced all-in-one lending system, will improve the experience for all FCBT's customers, making it easier for them to apply for loans, allowing the bank to be more flexible in the way it provides funding and services to their clients. The bank will now have a single consolidated lending system for handling higher volumes of a wide variety of products that enable growth.
Farm Credit Bank of Texas provides services and funding to fourteen banks across New Mexico, Texas, Alabama, Mississippi and Louisiana. It lends to agricultural farmers, ranchers, agribusinesses and aquaculture businesses, as well as residential customers. The bank will implement Misys FusionBanking Credit Management Enterprise into its lending operations, giving the bank a common view of lending across its business. This allows FCBT to tailor products for its corporate clients and differentiate itself from its competitors. The solution integrates with its core lending platform, FusionBanking Loan IQ, to meet the needs of the bank in the lending market.
"We have a responsibility to our customers to provide them with a seamless, efficient experience when they come to us for funding", states Michael Elliott, CIO of Farm Credit Bank of Texas. "Misys is the only company that provides the full coverage we need in a single lending system. The integrated end-to-end system gives us an efficient workflow process minimising the need for re-keying of data, giving us maximum efficiency in our lending operations to keep costs low. The system will also allow us to take more control of the loan origination process, giving us a single customer view and credit management functionality to enable us to grow our business."
FusionBanking Lending brings together Misys FusionBanking Credit Management Enterprise in the front office and FusionBankinng Loan IQ in the back, streamlining loan operations in a pre-integrated all-in-one lending solution. The functionally rich solution can flex to cover all commercial lending lines in the end to end process. It enables consolidation of systems, offering a permanent reduction in total cost of ownership to Misys clients.
"Corporates need faster, cheaper loans in an increasingly competitive market", comments Brian Shaw, General Manager, FusionBanking Lending, Misys. "To respond to this challenge and stand out, banks need to be able to interrogate client data effectively and create and price tailor-made solutions quickly and easily. We are delighted that Farm Credit Bank of Texas has taken advantage of the opportunity our all-in-one lending solution gives it and its customers. Misys is unique in being able to offer the full depth and breadth of coverage that allows banks like FCBT to consolidate its systems and grow their business supporting their clients more effectively."