Cincinnati-based eLynx Ltd., a leading provider of secure electronic information management solutions and services for the financial industry, announced that Republic Bancorp Inc., Michigan's third largest bank holding company with $6.1 billion in assets, relies on eLynx's WPS (Web Posting Service) for secure, accelerated loan document delivery.
According to Republic Bancorp officials, the bank selected eLynx to provide its secure network solution because of eLynx's reputation as an industry leader in providing secure electronic document management solutions. Republic Bancorp signed on with eLynx in August 2004. Full implementation was completed in less than three months, since WPS integrated easily with its existing loan origination system (LOS).
"eLynx's technology has the capability to grow into other areas of our business, in addition to the benefits achieved when delivering closing mortgage packages," said Greg Bixby, senior vice president and chief information officer for Republic Bancorp. "We have already seen a reduction in our mortgage closing costs and timeframes, while simultaneously improving the high level of service and attention our customers deserve. In addition, WPS is easily integrated into systems independent of our mortgage application/Fiserv system. Looking at the long-term big picture, eLynx's technology solutions have the ability to drive our company, along with the mortgage industry, into a secure, efficient and complete paperless business process."
eLynx WPS streamlines the mortgage closing process for Republic Bancorp's customers by enabling secure electronic delivery of mortgage documents that save time and reduce the cost of each transaction. WPS fully integrates with any document origination application and fully automates the process of posting documents for secure delivery via the Web, utilizing the eLynx Network Server (NS) as a virtual firewall between the user's network and the Internet. WPS is also an adaptable electronic delivery solution, with flexibility to maintain a competitive edge with emerging technologies while realizing long-term profitability.
"WPS delivers the best solution for Republic Bancorp's immediate needs and for the long-term picture," said Phillip Huff, president and CEO of eLynx. "eLynx equips Republic Bancorp with both the products and services required to succeed in an industry driven by the need for convenience, speed and security. WPS offers immediate return on investment along with the flexibility to accommodate future technologies. The mortgage industry is on a paperless chase, and although a complete and working eMortgage has yet to arrive, investing in the right electronic document solution now positions companies to more effectively implement an eMortgage process when it does."