Tuesday April 13, 9:49 am Eastern Time
SOURCE: ARC Systems
AUSTIN, Texas, April 13 /PRNewswire/ -- ARC Systems announced that San Antonio-based FIData, Inc. has licensed LT2k, ARC Systems' automated underwriting technology to provide credit unions and their members quick and easy loan processing via the Internet. This announcement, along with recent court rulings that have enabled credit unions to increase their membership on a wider basis, makes it possible for credit unions to offer more Internet technology services to their members.
FIData is one of the fastest growing Internet technology companies in the Southwest. In April 1998 the company introduced an Internet ``Instant Loan Approval'' service for credit unions. Members of participating credit unions may obtain a loan approval via the Internet for a collateral loan (auto, boat, motorcycle, RV, etc.) and personal loan (signature, credit card, line-of-credit) simply by accessing their credit union's web site. ARC Systems' LT2k technology provides FIData enhanced automation and speed for their loan origination process, enabling members to receive approval of their loan application in 30 seconds or less.
``By working with FIData, we can now show that the LT2k system is not limited to the mortgage industry,'' said Ed Jones, president of ARC Systems. ``Whether you are buying a new car or applying for a credit card, LT2k can speed the point-of-sale over the Internet with no delay in approvals.''
``With the addition of the ARC technology, we now offer credit unions more robust loan underwriting features, enhanced service reliability, and increased speed to process their member's loan applications,'' said David Biddix, vice president of systems and programming at FIData.
From anywhere in the world, credit union members access LT2k via their credit union web site that is linked to the FIData technology. The LT2k system, is pre-configured for the credit union's specific loan underwriting parameters and electronically accesses consumer credit reports for real-time information. The application is processed against a rules-based decision system and automated underwriting criteria. The credit union receives the loan approval or referral in 30 seconds (or less).
FIData, Inc. has served the credit union industry since 1987 providing self-service technology products so credit unions may expand hours of service without increasing hours of operation.
As of April 1999, FIData has more than 50 credit unions under contract for Internet loan products and 395 installations of other self-service based kiosk products. For more information on FIData call (210) 321-7470 or visit www.fidata-inc.com.
About ARC Systems
Founded in 1984 and based in Austin, Texas, ARC Systems is a custom software developer of Internet-based solutions for relational database applications. ARC Systems' flagship product, LT2k, has an underwriting matrix flexibility that allows for expansion into any industry that performs the basic functions of application, credit documentation, or underwriting any loan that requires a credit check including auto loans, debt consolidations, and mortgages. For more information on ARC Systems call (512) 444-9732 or visit www.arcsystems.com for a free demonstration.