TD Banknorth Implements Provenir Platform to Improve Loan Origination
Solution replaces small businesses manual and time-consuming processes
August 02, 2006
(Parsippany, New Jersey, USA) - Provenir, a leading provider of enterprise software for managing the total customer credit lifecycle, today announced that TD Banknorth has implemented the Provenir Platform in its Small Business Group. TD Banknorth is using the Provenir Platform for loan originations and is planning to extend the solution to the Portfolio Management function, including renewals and modifications. The new system will enable the loan centers to run more efficiently, and keep the sales and retail representatives better informed. All lending actions are done within the Provenir system and notifications are automatically sent to lenders and the sales team when key decisions are made. TD Banknorth is currently working on a project to extend the use of the Provenir platform to Commercial Lending operations.
"Implementation of the Provenir platform by TD Banknorth Small Business Group has improved overall efficiency, facilitated communications between sales and operations, and has positioned us favorably to meet the demands of a dynamic marketplace. " Said Michael C. McDermott, TD Banknorth SVP, Small Business Group.
Managing originations is one of the most critical business functions for any financial institution. Approving or declining an application requires strict adherence to local and federal regulations while observing corporate guidelines, policies, and best practices. The Provenir Platform helps define and execute origination processing within consistent guidelines, lowering costs and increasing efficiencies by allowing for better use of limited human and computing resources.
"TD Banknorth is an excellent example of how the Provenir Platform can be leveraged across multiple lending products, in this case Small Business and Commercial Lending" said Jeffrey Oulton, Chief Operating Officer of Provenir. "This not only reduces development and maintenance efforts, it also ensures consistency in their lending practices. The power of one platform also enables them to share integrations with 3rd party systems and data providers, further increasing their ROI."
About Provenir
Provenir is a leading provider of enterprise software for managing the customer lifecycle. Founded in 1992, the company's historical focus on solutions for the financial industry has led to successful implementations at major banks and credit institutions. This proven ability to handle key financial data and processes is now enabling companies in other industries to make use of the Provenir Platform to manage their customer lifecycle interactions.
Companies use Provenir software to create customized systems from a common architecture, letting IT and business collaborate to maximize profitability of operations that impact financial performance. Business applications of Provenir technology include originations, prospecting, account management, collections and recovery, customer service, security, and compliance.
Provenir is privately held, with headquarters in Parsippany, New Jersey. Customers in the United Kingdom and continental Europe are served from offices in London. Asia/Pacific operations are headquartered in Hong Kong. Information about Provenir, the Provenir Platform, and professional services are available on the company's website at www.provenir.com.
About TD Banknorth Inc.
TD Banknorth Inc. is a leading banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group. At March 31, 2006, TD Banknorth had over $40 billion of total consolidated assets and provided financial services to more than 1.5 million households in the Northeast. TD Banknorth's banking subsidiary, TD Banknorth, N.A., operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking, private label credit cards, insurance premium financing and other financial services and offers investment products in association with PrimeVest Financial Services, Inc. The TD Banknorth common stock trades on the New York Stock Exchange under the symbol "BNK". For more information, visit lwebster@provenir.com
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