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Press ReleaseWolters Kluwer Financial Services Helps Indiana University Credit Union Reduce Time Spent Documenting Business Loans By 50 Percent
Credit Union Says Flexibility of Rembrandt Lending System Differentiates It From Other Documentation Systems
MINNEAPOLIS – Feb. 11, 2008 – Wolters Kluwer Financial Services announced today that Indiana University Credit Union is using the company’s Rembrandt® Lending System, which the credit union estimates has helped it reduce the amount of time it takes to document an average business loan by half. More than 500 U.S. credit unions now use Wolters Kluwer Financial Services’ business lending documents directly or through a Credit Union Service Organization. Indiana University Credit Union, which has $560 million in assets and 12 branch locations throughout the state of Indiana, offers a wide range of lending and deposit services to a variety of businesses, including sole proprietorships, partnerships, corporations, non-profit organizations and limited liability companies. The credit union recently converted from a federal to state charter in order to expand its field of membership. According to John Miller, vice president of Business Services, Rembrandt’s flexibility made the transition easy from a business lending documentation perspective and will be an asset to the credit union as they plan for future growth. “Rembrandt is definitely more flexible than other documentation systems in terms of giving us the ability to customize language for some of our more complex transactions,” Miller said. “At the same time, Rembrandt allows us to build standard templates for our more routine transactions as well as more complex transactions and it automatically pre-fills several data fields within documents, making the documentation process much more efficient for us.” Miller estimates that using Rembrandt has helped the credit union reduce the time it takes to document an average business loan by half. Allan Buhr, senior credit analyst for Indiana University Credit Union, says he is also impressed with Rembrandt’s flexibility and time-saving features. “We can work on several loans at once,” Buhr said. “Other systems require you to completely finish documenting one loan before you can move on to another. Rembrandt lets us work in a way that’s convenient for us. And that let’s us get things done more quickly.” The Rembrandt Lending solution is built upon the regulatory content, industry knowledge, and decades of experience of Wolters Kluwer Financial Services’ Bankers Systems brand. Financial organizations, regulators, and examiners have associated the Bankers Systems name with leading compliance and operational risk management solutions for decades. For more information on member business lending solutions offered by Wolters Kluwer Financial Services or to view an on-line demonstration of the Rembrandt Lending System, please visit www.wolterskluwerfs.com/Rembrandt or contact your Wolters Kluwer Financial Services account representative. About Indiana University Credit UnionEstablished in 1956, Indiana University Credit Union is a full-service, not-for-profit cooperative with more than 69,000 members. The credit union is regulated by the Indiana Department of Financial Institutions. Deposit accounts are federally insured by the National Credit Union Share Insurance Fund, up to $100,000. About Wolters Kluwer Financial ServicesWolters Kluwer Financial Services provides best-in-class compliance, content, and technology solutions and services that help financial organizations manage risk and improve efficiency and effectiveness across their enterprise. The organization’s prominent brands include Bankers Systems, VMP® Mortgage Solutions, PCi, GulfPak, Desert Document Services, AppOne®, GainsKeeper®, CCH® Capital Changes, NILS INSource®, AuthenticWeb™ and CCH Wall Street®. Wolters Kluwer Financial Services’ solutions include integrated and stand-alone compliance and work flow tools, documentation, analytics, authoritative information, and professional services. Customers include banks, credit unions, mortgage lenders, and securities and insurance organizations of all sizes throughout the United States. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com. Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2006) of € 3.4 billion ($4.3 billion), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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Jennifer Marso Director of Corporate Communications for Wolters Kluwer Financial Services 612.852.7912 Email Jennifer Charles Miller Senior Public Relations Specialist Banking, Mortgage, and Credit Unions 320.240.5457 Email Charles Angela Peterson Senior Public Relations Specialist Securities, Insurance, and Indirect Lending 612.656.7745 Email Angela |