Cypress Software Systems launches ASP services
07 June 2006 | 2459 views | 0
Source: Cypress Software Systems
Cypress Software Systems, LP today announced it will host and deliver its loan origination software - including flagship products Mark IV and BizMark - under an application service provider (ASP) business model for community banks and other financial institutions.
With this new approach, Cypress will manage all software and data at a central server farm, meaning clients won't need additional hardware, software or IT staffing to run and maintain the applications.
"We're providing an alternative for banks that either prefer a hosted format or can't afford the additional technology investment required to run our enterprise software in-house," said Stephen G. Sargent, president and chief executive officer at Cypress Software Systems. "All a bank needs is a computer and an Internet connection to experience consistent and efficient loan processing from our software."
Cypress will offer full-functioning versions of its Mark IV and BizMark platforms through this model, as well as a less robust application to be announced soon for users that don't require the complete functionality of Mark IV and BizMark. Clients access Cypress' ASP network through remote login, ensuring a rich, smooth interface compared to HTML-coded, browser-based applications.
Cypress will manage all applications and customer database information through an SAS70-certified AT&T Internet data center (IDC) in Dallas.
The licensing structure for Cypress' ASP model will be similar to its traditional format, with the addition of a setup fee to cover required Microsoft licenses.
The company's Mark IV platform allows lenders to take loan applications electronically while interviewing applicants, quickly retrieve credit reports, efficiently review sources of repayment, and deploy their loan policies. Cypress provides these tools to financial institutions with the goal of speeding a quality loan decision back to the applicant.
BizMark processes small business loan applications, and is based on a Cypress-delivered .NET/Microsoft SQL Server platform. It runs in a customer relationship management (CRM) environment, enabling lenders to take credit requests including principal and financial statement data; retrieve and interpret consumer and business credit reports; perform ratio analysis; and score the results. The software handles small business commercial credit requests for lines of credit, term loans, commercial mortgages, corporate leases and corporate credit cards.