Tuesday April 13, 9:49 am Eastern
Company Press Release
SOURCE: ARC Systems
FIData Licenses ARC Systems' Internet-Based Automated
Underwriting Technology for Instant Loan Approvals
ARC Systems' LT2k(TM) Technology Enables FIData Inc. to
Enhance 'Instant Loan Approvals' to Credit Union Members for
Personal and Collateral Loans in 30 Seconds or Less Via the
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.