INFONANCIAL in collaboration with three of our clients has successfully launched the first version of INFOLEND, our new Loan Origination System. The solution is integrated into our banking system and is being developed based on real-world lenders’ input and recommendations. INFONANCIAL CEO, Alex Plotkin explains, “In speaking with credit unions, we realized that none of them are really happy with their existing LOS. We plan to change that and offer a much better alternative.”
INFOLEND pulls data from the existing Member Information Files in the core banking system and also the credit bureau, and allows for direct posting of loans. This LOS is of special interest during the recent Covid-19 pandemic because it has the option for contactless loan applications and approval; including virtual signatures/documentation.
Based on our clients’ feedback over the past year of use, we have made numerous updates and enhancements to ensure that our LOS is effective and flexible. Future development will include integration into other banking systems and related third parties. Already integrated are both Transunion and Equifax credit bureaus.
· The new core banking system graphical user interface is now in the final stages of testing. The new look and feel makes the system more attractive, intuitive, and efficient.
· We have again met all the requirements for our CSAE3416 certification and compliance with SSAE18 and #SOC1. This independent review attests to the high standards that we continue to maintain and improve.
· We remind our clients that free training sessions on Cybersecurity can still be booked for your Board Members and Senior Management. The Board sessions can be counted towards the training that Boards need for the FSRA required core competencies.