Curomax Corp. And APPRO Systems, Inc. Develop Custom Interface To Streamline the Electronic Loan Decisioning Process
BATON ROUGE, La.--Oct. 2, 20032, 2003--| Online Interface Connects Dealers with Banks and Credit Unions in North America |
APPRO Systems, Inc., the leading provider of automated credit risk management and financial technologies for the lending industry, and Mississauga, Ont.-based Curomax Corp., a North American leader in dealer finance e-commerce solutions and the originator of the premier automotive finance portal in Canada, today announced the establishment of a custom interface between Curomax' 360Funding(TM) system and APPRO's loan automation system, LoanCenter(TM).
This interface enables automobile, recreational vehicle, boat, motorcycle and home improvement dealers throughout North America to submit consumer and business lease and loan applications online to banks and credit unions that use both APPRO's LoanCenter Business(TM) and LoanCenter Consumer(TM) systems. The application information, submitted securely via the Web, is integrated into a financial institution's APPRO decisioning engine via the Curomax interface, and, less than 30 seconds later, the dealer receives a response.
Curomax's 360Funding facilitates on-line relationships between automotive dealerships and lenders by providing an Internet solution that allows the dealer to access multiple credit providers inside a single application. The system allows for real-time communication at the transaction level enabling dealers to electronically submit a note to a lender with enhanced communication of deal requirements, special needs and progress.
"Together, Curomax and APPRO are significantly improving the response time of lenders," said Alan Bird, president and CEO of Curomax Corp. "It's one thing to decision a loan quickly, but the decision also needs to be delivered to the appropriate person in a timely and secure manner. The ability to deliver data quickly combined with the ability to decision deals quickly and efficiently allows more loans to be processed."
APPRO's interface with Curomax is available to APPRO customers who source loan business through dealers via its LoanCenter Business and LoanCenter Consumer software. LoanCenter Business is an automated credit evaluation system designed to meet the special needs of commercial lenders that serve small businesses, and LoanCenter Consumer performs the same functionality for the consumer market.
"APPRO Systems has enjoyed more than 20 years of success, because of the work we do with companies such as Curomax to build interfaces that will help our customers get the most out of our solutions," said Steve Uffman, CEO of APPRO Systems, Inc. "Building value-added interfaces greatly increases the value of the APPRO system to those North American banks and credit unions that already have it in place."
About Curomax Corp.
Curomax Corp. and its industry leading 360Funding finance portal links dealerships across North America to provide access to financial institutions and other aftermarket suppliers through a single application over the Internet. Lenders originating business through 360Funding are dramatically improving their operational efficiencies, reducing their business costs and improving their product offerings to dealerships across Canada and the United States.
Curomax continues to emphasize its belief that dealers should be directly involved in the financing of assets sold from their inventory. 360Funding has processed more than $5 billion in applications, resulting in more than 125,000 funded loans and leases. More than 3,000 automobile, recreational and leisure vehicle dealers are secure in the knowledge that the loan or lease structuring information provided through 360Funding is precise and designed to maximize rapid response from the selected lender. For additional information about Curomax, visit the company's Web site at www.curomax.com.
About APPRO Systems, Inc.
APPRO Systems, Inc. is the lending industry's leading provider of comprehensive, automated credit risk management and financial technologies for the Internet and traditional lending environments. APPRO supports more than 400 financial institutions, with customers of all types in the United States, Canada and Puerto Rico. The company provides rapid implementation time and professional services for its signature product, LoanCenter(TM), a scalable software system that enables high decision quality and speed and automates the entire workflow of processing credit applications and originating loans for lenders of all sizes. The 25-year-old company is based in Baton Rouge, La. with additional offices in Dallas, Texas. For additional information about APPRO, visit the company's Web site at www.approsystems.com.