Company Logo Monday, June 08, 2009

Covarity Launches Enhanced Commercial Loan Monitoring Software

More efficient, frequent and detailed loan monitoring will help financial institutions improve process deficiencies and strengthen risk management

June 08, 2009
Kitchener-Waterloo, Ontario, CA - Covarity Inc., the leading commercial loan portfolio management software provider, today announced the availability of its Spring 2009 Release. Covarity’s customers, among the soundest financial institutions in the world, will be using the enhanced functionality of the Covarity Lender Dashboard effective today. These banks and credit unions are also able to roll-out value-added customer service to their commercial borrowers through the Covarity Client Dashboard.

Covarity provides financial institutions with a consistent risk management framework built around precision monitoring of commercial loans. Covarity automates the process for collecting and analyzing financial data from borrowers, bringing consistency, quality assurance and process efficiencies to the commercial lending process. The Covarity Spring 2009 Release introduces further efficiency and flexibility into the loan review process, allowing banks to closely match the detailed loan monitoring requirements of individual borrowers.

“Covarity is committed to providing our customers with a commercial loan monitoring solution that continuously improves process efficiencies, reduces risk and delivers a competitive advantage, said Rod Foster, President and CEO of Covarity. “We have worked closely with our customers, including the two largest commercial lenders in the country, as well as industry experts and analysts, to develop a set of proven best practices for commercial loan monitoring. The Covarity Spring 2009 Release represents the only solution that supports the frequency and the depth of analysis that our customers and the market demand.”

Covarity’s innovative SaaS (software as a service) solution delivers precision loan intelligence, which facilitates faster and better decision-making. The Covarity Spring 2009 Release features new key developments such as:

Reporting Schedule Enhancements – a suite of features that enable customers to control document collection, and review inputs and analysis independently from one another. These features reduce manual processes and significantly increase the flexibility to address multiple cases. Features include:

•Multiple Reporting Schedules - support for multiple reporting schedules per borrower, with control over which documents and analysis are included in each reporting schedule
•Selectable Analysis Types – enables explicit selection of the type and frequency of analysis in a reporting schedule
•Review Scheduling - Annual Review scheduling and tracking support, allowing automated scheduling and reminders to be sent to borrower, regardless of any existing interim monitoring
Multiple Facility Management - provides the ability to break down a borrowing base loan into multiple loan components, each with their own limits and balances, which adds versatility and reduces the need for customers to manage multiple facilities in another system

Enhanced Exchange Rate Support – increases flexibility by allowing direct specification of exchange rates at a lender default and at the review level

Enhanced Contra Identification – increases control through manual matching for Contra identification, allowing any set of A/R and A/P line items to be matched together and offset as contra accounts

Additional Obligations – allows for manual input of values used in analysis, which allows lenders to track and use information on financial obligations that is not included in financial statements but may impact ratio/covenant calculations. This feature also enables electronic uploading for borrowers with covenant compliance monitoring

User Interface Enhancements – increased efficiency and usability for all lender users with a set of features that improve filtering/sorting capabilities and display more complete information

For a more detailed list of the features in the Covarity Spring 2009 Release, or for more information about the Covarity solution, please visit

About Covarity Inc.
Covarity is the choice of the best managed banks in the world (as cited by sources such as the World Economic Forum and Global Finance magazine) for precision commercial loan portfolio management. Covarity automates the process for collecting and analyzing borrower financial data and enables financial institutions to manage credit risk on a loan-by-loan basis. Covarity’s hosted, Web-based commercial loan monitoring solution delivers process efficiencies, value-added customer service and helps prepare financial institutions for regulatory scrutiny fast and efficiently with minimal capital outlay. Covarity is based in Kitchener, ON and was incorporated in 2001. Covarity’s customers include Royal Bank of Canada, BMO Bank of Montreal, HSBC Bank Canada, Libro Financial Group, and RBC Bank in the United States. Please see for more information.


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