Wednesday, April 21, 2010
KITCHENER-WATERLOO, ONTARIO--April 21, 2010 - Covarity Inc., the leading commercial loan portfolio management software provider, today announced the availability of Covarity Quick Start, a program providing financial institutions exploring the benefits of commercial loan monitoring with a framework to evaluate the Covarity solution at no cost, and with minimal internal resource requirements.
“While commercial lending organizations appreciate the need for greater loan monitoring precision, resource-intensive projects and up-front capital requirements can still pose a barrier to evaluation in the current environment,” stated Rod Foster, Covarity President and CEO. “The Covarity Quick Start program allows businesses an opportunity to pilot the solution with minimal impact to operations and clients.”
With structured training and project support, the Quick Start program provides immediate access and allows participants to measure business benefits from core solution modules over a 90-day period. Delivered through a software-as-a-service model, Covarity does not require any client hardware or software investments.
“With increasing regulatory requirements on lenders, financial institutions should consider not only the operational efficiencies of automated loan monitoring and analysis, but also the ability to address compliance with audit-ready reporting,” added Susan Feinberg, a Senior Research Director with TowerGroup. “With heightened management and regulatory scrutiny of commercial loan portfolios, it is critical that banks identify opportunities to improve loan monitoring capabilities in the immediate term.”