S1 upgrades consumer and business lending plaforms

Source: S1

S1 Corporation (Nasdaq: SONE), a leading provider of customer interaction software for financial and payment services, announced today the latest release of S1 Consumer Lending, S1 Business Lending, S1 Lending Docs, and S1 Credit Origination Server.

With enhanced multi-server and multi-bank capabilities, as well as native fault-tolerance, S1's lending applications allow financial institutions to better service and sell to their customers while leveraging a common lending platform - the S1 Credit Origination Server - to reduce system maintenance and support costs.

With S1 Lending, lenders are able to do much more with less, and have confidence in their ability to generate profitable loan growth. With support for more than 40 external third-party services including host integration, clients are able to dramatically decrease the application approval timeline, and move right to funding supported by dynamic document generation. S1 Lending Solutions also provides the tools and training to assist in the transformation away from legacy practices and processes.

"As one of the top 25 credit unions in the country, our goal is to be as innovative as possible and to offer our customers convenient, state-of-the-art solutions," said William Zysk, Vice President Lending for Pennsylvania State Employees Credit Union. "S1 has been a key technology partner in helping us to deliver incredible innovation in automating our lending and Internet decisioning. Since implementing the S1 Lending solutions in 1999, we have reduced our loan decisioning cycle from two to three days down to a twenty- four hour processing and fulfillment turnaround for 90 percent of our loan applications."

According to Gregg Olin, general manager of the lending solutions group for S1 Corporation, "Our customers have guided us to create products and tools that allow them to meet and exceed their stated production and customer service goals, and we are pleased with the successes that they have shared with us. As financial institutions of all sizes look to transform their lending processes and practices, we have delivered the solutions that will enable their vision."

Key Enhancements

Increased Enterprise Flexibility for Operational Efficiency and Control

  • Multi-Bank capabilities - Provides the flexibility to allow each bank in a company to configure its own products, policies, rules, etc. or to maintain consistent control across all entities.
  • Multi-Server, Native Failover - The system now supports multiple credit origination servers, and allows the use of one common database and file server by multiple credit origination servers. In the event of hardware problems, this also enables auto-failover to another physical system.
  • Additional Citrix support for non-TCP/IP communications environments - New settings allow the client to run in a Citrix environment without the typical printing challenges.
  • Credit Bureau definitions - Multiple subscriber codes can now be defined for an individual product. This allows enhanced expense tracking and management.
  • Enhanced and expanded XML API - Those clients with a desire to preserve external functionality rather than utilize certain S1 Lending System capabilities have new options for transferring that data. Additional transactions have been defined to support the input of a borrower's credit report and cross-sell eligibility. Over 30 additional fields have been added to existing transactions to allow even more external data to be used in credit decisions.
  • Packaged printing capability - Document printing has been enhanced to allow the bundling of a document set. Rather than printing the documents individually with manual collation, this allows for the production of the document set as one print job at the local printer.

Enhanced Decision Management for Added Profitability and Risk Control

  • Product-driven financial data collection - Clients can define customized financial statements and set rules on when to collect such data.
  • Advanced user-defined business rules - Rules may now be defined in multiple ways: a field value can be compared to a specific value, the value of a second field, a percentage of a second field, or the lookup result of a table. Rules may be evaluated against application values (collateral, loan amount, LTV comparisons) or borrower values (income, debt to income ratio, etc).
  • Rate tables - Multiple indexes now can be used with a specific pricing table.
  • Pricing - Pricing definition has been expanded to allow the ability to define fixed and/or variable pricing for an individual product. This allows one product offering to have two available pricing structures.

Added Consistency for Regulatory Compliance

  • Fees - Fees have been enhanced to allow the definition of fees by State and County, with the institution deciding whether the disclosed fees are based on the applicant's address, the branch address, or the collateral address. Fee Estimates may now be defined as a range and the fee amount may now be the result of a table lookup.
  • Archiving of document packages - Document generation has been enhanced to allow the reprinting of a single document in a package, the reprinting of a previous package, and the printing of the history of the printing that has been done for each application.

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