Product & Service
Four Co.'s Form Platform Alliance
BROOKFIELD, Wis.-Fiserv said that CredStar, from Fiserv Lending Solutions, has formed a strategic alliance with PCi Corporation (PCi), a Bankers Systems and Wolters Kluwer business. CredStar will increase the value of its Web-based credit services platform by integrating PCi's Wiz Basic HMDA management solution, Wiz Sentinel anti-predatory lending solution and Flood Wiz Flood Determination solution with WebStar, CredStar's credit services platform, the company said. The combined offering is expected to streamline the lending process for mortgage brokers.
For info: www.credstar.com.
Open Solutions Acquires BISYS
GLASTONBURY, Conn-Open Solutions Inc. has reached an agreement with New York-based The BISYS Group, Inc. a provider of outsourced solutions to investment firms, insurance companies and banks, to acquire BISYS' Information Services Group. The purchase price is approximately $470 million subject to adjustment, in a cash-for-stock purchase. OSI said it believes that this transaction will enable it to expand its product offerings, further increase its presence in the financial services marketplace and extend its client base to include the insurance and corporate industries.
LSI Adds Processing Enhancement
ELGIN, Ill.-Lending Solutions, Inc. (LSI) said it has added a service enhancement to its loan processing capabilities that will assist credit unions in closing a higher percentage of loan applications by eliminating the critical time gap between loan approval and closing. Called Hot Transfer, the program instantly transfers a member, along with their application that has just been processed and approved by LSI's National Loan Processing Center, to the CU for timely closing. According to the company, the closing percentage for loans approved through the NLPC and then hot transferred to the trial credit union improved 37% during the almost four-month beta test.
For info: www.nlpc.com or 888-LSI-NLPC.