Misys plc, the application software and services company, and the HCL CapitalStream Lending Group, a division of HCL Technologies which provides straight- through processing (STP) software for lending operations extends their partnership. The alliance will deliver new technology application for banks originating commercial loans.
New product from Misys and HCL responses the growing market need for front-to-back integrated software which enables STP of commercial loans, boosts efficiency and improves risk management. Misys and HCL will work together to integrate HCL’s CapitalStream tool, the platform for business and commercial loan origination, into Misys’ commercial lending application suite, Misys Loan IQ.
The addition of HCL’s expertise in loan origination affirms Misys Loan IQ as a complete front-to-back loan software. Misys will market the new integrated loan origination module under its own brand to complement its existing modules for front office loan syndication and secondary trading, back office loan servicing, compliance monitoring and reporting across front, middle and back office operations.
Within the terms of the new alliance, Misys and HCL will also grant each other licenses to distribute the other party’s product and refer banking customers to each other to ensure optimal service to the wholesale banking sector.
“Banks are asking us to help them improve STP, to rationalize systems and to get more out of the technology they currently use and this move puts us in a great position to help with these problems,” says Ken Katz, global product manager, Misys Loan IQ.
“This market is currently served by smaller niche vendors, and a partnership between two established global solutions providers like Misys and HCL provides more choice for commercial lenders wanting to avoid risk in systems selection.”
“HCL and Misys have been close partners for some time, and we are very excited about this new initiative as it allows Misys and HCL to offer a complete, integrated end-to-end STP platform for lending just as the market is focusing on straight through processing,” says Kevin Riegelsberger, senior vice president and head of the HCL CapitalStream Lending Group.
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