Banterra Bank Launches Specialty Finance Division
Banterra Bank, based in Eldorado, Illinois, has selected Cypress Software Systems’ BizMark small business loan software to help support the bank’s recently launched specialty finance division for machine tools.
The 27-branch institution will use BizMark to create a centralised system for automating the credit application and underwriting processes for all loan requests received through the new finance division.
John VanDaele, manager of the machine tool division at Banterra, said the bank needed a loan origination platform that could help it rapidly develop a small-ticket transaction environment and speed up the turnaround time for loan decisions.
“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,” said VanDaele. “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.”