Under the ASP arrangement, the Advance Commercial Banking System runs on ALLTEL hardware platforms, and ALLTEL personnel perform all systems operations and maintenance functions.
Rabobank, which has assets exceeding $281.2 billion and operates a network of 90 offices in 30 countries, will use the products to manage its North and South American commercial loan portfolios.
Commercial lending is a new area for application service providers, said Richard Levy, managing director of ALLTEL’s Advanced Commercial Banking System organization. However, three of our seven client signings in the past six months have been for ASP services, proving that the commercial loan industry is ready to take advantage of the benefits of this delivery model.
For global institutions such as Rabobank, the ASP model provides a cost-effective, low-risk method of supporting their sophisticated commercial lending business lines. Rabobank will use in-house personal computers to access the ALLTEL system running out of the company’s data center in Del Mar, Calif. Through this delivery method, Rabobank has the advantage of ALLTEL’s hardware and staffing resources, while still having a system customized to its needs.
Rabobank’s agreement with ALLTEL provides the bank with guaranteed uptime, full disaster recovery, peak-time support and business need expansion, as well as automatic upgrades to new advanced banking products.
ALLTEL’s Advanced Commercial Banking System is an integrated lending product suite that automates the entire range of commercial lending activity, from deal origination through settlement and accounting to risk management and loan trading. The product operates in real-time, in any currency and in multiple languages, anywhere in the world. The product runs on AS/400 and Windows NT platforms and is licensed by 36 leading financial institutions, including ABN-AMRO, Bank of America, Canadian Imperial Bank of Commerce, Credit Agricole/Indosuez – U.S., Credit Lyonnais, JP Morgan Chase and State Street.
Forty-eight of the top 50 U.S. banks rely on ALLTEL’s products and services. ALLTEL provides loan servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion. Additionally, more than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services’ software applications.
