Banterra Bank of Eldorado has selected Cypress Software Systems’s BizMark small business loan software, to support the bank’s recently launched specialty finance division for machine tools. The 27-branch institution will use BizMark to create a centralized system for automating the credit application and underwriting processes for all loan requests received through the new finance division.
BizMark software automates the small business loan application and decisioning process. With BizMark, lenders can handle a variety of small business loan products, including commercial credit requests for lines of credit, term loans, corporate leases and corporate credit cards. The software gathers principal and financial statement data, retrieves and interprets consumer and business credit reports, performs ratio analysis, and scores the results.
VanDaele, manager of the machine tool division at Banterra, said: “We were looking for a technology solution that would make our new specialty finance division efficient, productive and cost-effective from the start. Cypress’ BizMark software was our platform of choice. Our bank has used Cypress’ Mark IV consumer lending product for several years, and during our testing, we found BizMark to be an equally user-friendly and intuitive solution. In addition to the cost-savings, BizMark will also help us enhance our compliance and credit risk management efforts through greater underwriting consistency.”
Steven Croft, senior vice president of Cypress Software Systems, said: “With our BizMark and Mark IV offerings, we can help banks of all shapes and sizes quickly deploy an automated lending system that will improve overall efficiency, while easily maintaining federal compliance. ”