|Real-time core system at the heart of new integrated enterprise platform|
Harland Financial Solutions has introduced PhoenixEFE for banks, savings institutions, and credit unions. Its real-time core processor is integrated with risk management, lending and compliance, business intelligence and marketing, branch automation, and other solutions. Two institutions are already live.
Lake Mary, Florida (September 24, 2009) – After a two-year development effort, Harland Financial Solutions today unveiled Phoenix Extended Financial Enterprise (PhoenixEFE™), an integrated enterprise software platform for U.S. banks, savings institutions and credit unions.
PhoenixEFE brings together the company’s real-time core processing solution, formerly known as the Phoenix™ System, with its specialized solutions for risk management, lending and compliance, business intelligence and marketing, branch automation, self service, enterprise content management, payments and financial accounting.
“Today, banks and credit unions are urgently looking for substantial performance improvements—not just cost cuts, but to really unify and optimize their entire enterprise,” said Raju Shivdasani, president of Harland Financial Solutions. “They want to synthesize their people and processes, while extending more services to their customers and members. We created PhoenixEFE in response to these needs.”
“Integration is a concept that everyone in the industry talks about,” said Shivdasani. “For us, it is more than just a technology strategy. It is a business commitment. With PhoenixEFE, we have made a significant commitment to bring together our market-leading solutions because that is what our clients need in order to streamline their operations,” says Shivdasani.
PhoenixEFE is specifically designed for credit unions with a significant focus on business services, including complex commercial lending products and loan participations.
“More than 45 percent of credit unions in the U.S. today are looking to offer increasingly complex products and services,” said Shivdasani. “PhoenixEFE gives those credit unions a powerful enterprise solution with a commercial banking pedigree. At the same time, it offers all the unique credit union capabilities that drive a superior member experience.”
“For the 55 percent of traditional, retail-focused credit unions, UltraData Enterprise is a proven, powerful solution. Either way, today’s announcement reinforces our company’s expanding commitment to the credit union movement with solutions that match either strategy,” Shivdasani said.
Consumers Credit Union, based in Kalamazoo, Mich., was the first credit union to implement PhoenixEFE. One of the fastest growing credit unions in the United States, Consumers Credit Union is eager to stay competitive by increasing loan originations and significantly expanding its commercial services.
“We selected PhoenixEFE because it aligns with our business model – it enables us to expand our reach into the commercial market, to increase efficiencies and to deliver the type of product portfolio that will take us into the future – all while providing that single relationship view that is critical to delivering an exceptional member experience,” said Kit Snyder, CEO of Consumers Credit Union.
“We see great opportunities in the personal and commercial lending areas, and in the deposit areas,” continued Snyder. “Things we weren’t able to offer before are now possible, which will continue to propel our institution’s growth. We are pleased with what we see and excited about where it can take us in the future.”
Rainier Pacific Bank, a $900 million-asset bank based in Tacoma, Wash. became the first bank to implement PhoenixEFE.
“We chose PhoenixEFE as the platform best able to provide the customer service capabilities, robust business banking functionality and operational efficiencies we will use to deliver on our promise to be the choice for our customers,” said John Hall, President and CEO of Rainier Pacific Bank. “Since conversion, PhoenixEFE has performed as expected, response times have been good and the system itself is stable, reliable and secure. We look forward to a long and fruitful relationship with Harland Financial Solutions as they continue to evolve their vision of the extended financial enterprise, and we leverage that vision to continuously deliver improved service and valuable financial solutions to our customers.”
PhoenixEFE also helps institutions drive deposit growth by offering streamlined deposit origination and retention capabilities, along with sophisticated cash management, sweep and account analysis features.
PhoenixEFE’s technical architecture is designed to save institutions time and money. Its account servicing and transaction processing engine, PhoenixEFE Core, runs on Microsoft® Windows Server and industry-standard, low-cost hardware. The PhoenixEFE application platform is deeply integrated by a web services transaction gateway that uses XML and web services to share information for queries, updates, transaction processing—across the enterprise.
The information contained in this press release is accurate at the time of publication. However, service offerings and availability, relationships, contacts and other specified information may change over time.
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