TCM Bank, a Tampa credit card unit of the Independent Community Bankers of America's ICBA Bancard, plans to use a hosted system from Cypress Software Systems LP to automate the consumer card application process.
Cypress announced its deal with TCM, which serves 600 community banks around the country, on Wednesday. The vendor said its Mark IV system automatically retrieves credit reports, reviews sources of repayment, and applies the institution's lending policies to card applications.
"With the ongoing economic turmoil, more consumers are facing credit challenges, so we want to compile a complete credit picture for applicants before we make a decision," Tim Kaliban, an executive vice president of TCM Bank, said in a Cypress press release. "Mark IV easily assembles and reports that information."