Friday, June 03, 2005

St. Willibrord Credit Union deploys the Covarity Dashboard commercial loan monitoring solution

(Kitchener, Ontario, June 3, 2005)

Covarity today announced that St. Willibrord Credit Union, one of the largest credit unions in Canada and a leader in commercial lending in Ontario, has deployed the Covarity Dashboard commercial loan monitoring software solution.

"The Covarity Dashboard will help us deliver outstanding service to our commercial lending customers, while at the same improving our loan management processes and helping us reduce risk", said Frank Kennes, VP, Credit at St. Willibrord Credit Union. "We notice that now that we're offering the Covarity Dashboard service to our borrowers, many of them are finding it so convenient to report their monthly financials that they're doing so just a day or two after month end - a full two weeks ahead of the deadline, when we normally receive the information. This allows us to be proactive in delivering service to our borrowers and in managing our risk."

"We're especially pleased to add a leading financial institution such as St. Willibrord Credit Union as a customer", said Rod Foster, president and CEO, Covarity. "We're confident that the Covarity Dashboard will help St. Willibrord add to its reputation as a forward-looking, customer-focused financial institution, and will help it to consolidate its strong position in commercial lending."

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.

About St. Willibrord Credit Union.
St. Willibrord Credit Union is southwestern Ontario's full-service financial institution operated by a community of owners and open to everyone. With nearly 47,000 owners and more than $1 billion in assets under administration, St. Willibrord delivers a full range of personal chequing, savings, investment, RRSP, insurance and loan products along with financial coaching and advice.

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.

All company and/or product names are trademarks and/or registered trademarks of their respective owners. 

linkback: http://www.covarity.com/Articles/PressReleases/2005/20050603_001_StWilli.aspx