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Press Release
Credit Union Central of Canada (Canadian Central) and Covarity Inc. announced today that they have finalized a five year agreement for credit risk management services
(Kitchener, Ontario, April 12, 2004)
Credit Union Central of Canada (Canadian Central) and Covarity Inc. announced today that they have finalized a five year agreement for credit risk management services. The agreement will provide Canada's credit unions access to Covarity's solution for automating financial statement gathering, credit risk analysis, and financial reporting for small and medium sized (SME) enterprise credit products.
Covarity is a real-time loan monitoring, review and management product designed to assist credit unions in their administration of commercial accounts. Credit unions will now have access to a service that automates and standardizes credit risk management practices associated with portfolio management.
"We are very excited about offering this type of leading edge solution," said Jim Hackett, Chief Operating Officer, Canadian Central. "This service offers a unique opportunity to differentiate ourselves from our bank competitors, and will be another 'first to the market' for Canada's credit unions. This contributes to the already strong and recognized national practice of community based credit union lending."
The Covarity service presents significant financial savings for credit unions by reducing the regulatory and administrative burden associated with loan portfolio management. This is done by retrieving financial information (income statement, balance sheet, accounts receivable and payable) directly from the borrower, processing the information and issuing reports on borrowing base and other financial ratio covenants. Also, relationships with SME borrowers are enhanced because Covarity's service allows both the lender and the borrower to gain a common understanding of the borrower's financial trends and covenants.
"A national program makes it easier for credit unions, large and small, to reduce the administrative burden of managing commercial lending portfolios," said Ron Shuttleworth, President and CEO, Covarity. "This will help credit unions across the country to continue to consistently offer the industry leading credit services to SME members anywhere in the country."
About Credit Union Central of Canada
With over $70.5 billion in assets, 607 affiliated credit unions and caisses populaires, and 4.6 million members, Canada's credit union system is a vital competitor in the financial services industry. Credit Union Central of Canada ("Canadian Central") functions as the system's national trade association and central finance facility. The credit union system is a three-tier structure of local, provincial and national organizations. Local credit unions operate autonomously and are the primary shareholder members of provincial Centrals, which are in turn the primary shareholder members of Canadian Central. For more information about Canada's credit unions, see www.cucentral.ca.
About Covarity Inc.
Incorporated since 2001, Covarity is the leading provider of commercial loan management software solutions. The Covarity Dashboard helps financial institutions attract new business by harnessing the internet to improve customer service, while reducing the risk and effort associated with capturing borrower financial statement data and monitoring commercial loans. Please see http://www.covarity.com for additional information.
For further information, please contact:
Veronica Feldcamp, Director, Trade Association Services, Credit Union Central of Canada, Tel: (416) 232-3417, E-mail: feldcampv@cucentral.com
Rod Foster, VP Marketing & Alliances, Covarity Inc, Tel: (519) 749- 9424 x223, E-mail: rfoster@covarity.com
All company and/or product names are trademarks and/or registered trademarks of their respective owners.
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