Company Logo Tuesday, July 27, 2004

Five more credit unions deploy the Covarity Dashboard automated solution for loan review and credit risk management

(Kitchener, Ontario, July 27, 2004)

Covarity today announced that five more credit unions have deployed the Covarity Dashboard, an automated solution for loan review and credit risk management. In April, Covarity and Credit Union Central of Canada jointly announced a five year license and service agreement, providing member credit unions across the country with low-cost access to the Covarity Dashboard.

In the past month, Kenora District Credit Union, Northern Lights Credit Union, Rideau/St. Lawrence Community Credit Union, Superior Credit Union, and West Fort William Credit Union have deployed the Covarity Dashboard.

"Credit unions are quickly adopting the Covarity Dashboard to reduce administrative effort and improve visibility into their commercial loan portfolio," said Ron Shuttleworth, president and CEO, Covarity. "Lenders are now spending more time attracting new lending opportunities and developing customer relationships, rather than performing time-consuming and labor-intensive manual credit reviews."

With the Covarity Dashboard, borrowers upload their financial information through a secure web interface, where risk calculations and loan ratio analysis are performed automatically. Lenders have a real-time view of their loan portfolio in a simple dashboard, which immediately identifies risks, opportunities and problem accounts. As a result, lenders are able to make more informed lending decisions and manage their portfolios more effectively.

Andre Schroer, director of commercial lending and product development, Credit Union Central of Ontario, is a leading advocate for the Covarity Dashboard. "Eventually, we want to see all of our member credit unions using the Covarity Dashboard to standardize and automate credit risk management," said Schroer. "The transition is progressing extremely well."

About Covarity Inc.
Incorporated since 2001, Covarity is the leading provider of commercial loan management software solutions. The Covarity Dashboard helps financial institutions attract new business by harnessing the internet to improve customer service, while reducing the risk and effort associated with capturing borrower financial statement data and monitoring commercial loans. Please see http://www.covarity.com for additional information.
 

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linkback: http://www.covarity.com/Articles/PressReleases/2004/20040727_001.aspx

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