Online deposit and loan account opening
Opening Act, offered through a strategic partnership with MeridianLink, Inc., is a Web-based origination system that enhances Internet banking sites with the capabilities to securely and seamlessly originate deposit accounts, consumer and mortgage loans, and credit cards. This solution offers deposit account origination capabilities that include multiple identity verifications, credit and OFAC checks, and queries against check history. Opening Act enables funds to be immediately transferred into new deposit accounts via ACH, debit cards, and credit cards and offers the ability to generate pre-filled documents and signature cards. Opening Act’s loan origination capabilities allow customers to apply online for credit cards and auto, consumer, home equity, and mortgage loans. This solution’s sophisticated pre-qualifying engine analyzes loan and credit data in near real time and typically generates lending decisions in 10 to 15 seconds. This system interfaces with Fannie Mae Desktop Underwriter, Freddie Mac Loan Prospector, and AVM; validates flood report, title, and tax information; and provides a credit analyzer to help customers improve their credit ratings.
This solution is available to banks automated by the SilverLake System®, CIF 20/20®, and Core Director® platforms.
What It Does
- Enables customers to originate deposit and loan accounts through banks’ Internet banking sites.
- Performs all necessary ID verification, credit checks, and OFAC checks.
- Allows funds to be transferred into the new account immediately via debit, credit cards, or ACH.
- Generates prefilled applications and signature cards.
- Allows customers to apply online for credit cards, auto loans, retail loans, mortgage loans, and other loan products.
- Analyzes loan and credit data in near real time to generate rapid and precise lending decisions – usually within 10-15 seconds.
- Allows users to perform multiple calculations immediately to determine key financial loan variables.
- Interfaces with Fannie Mae Desktop Underwriter; Freddie Mac Loan Prospector; AVM; and flood report, title, and tax return validation.
- Provides a comprehensive administration and management reporting system.
- Generates reports for data mining campaigns using near-real-time data.
- Provides seamless integration by communicating with numerous platforms and technologies.
What It Does For You
- Provides numerous benefits for banks to increase deposits and interest income and improve operating efficiencies.
- Enhances cross-sell opportunities to increase top line revenues.
- Offers easy and efficient implementation.
- Enhances productivity by improving existing processes and integrating forms, documents, and related complementary products and services.
- Provides affordable deployment for banks of all sizes.
- Provides a credit analyzer to help customers improve credit.
- Reduces customer service calls with online tracking of loan statuses.
- Supports paperless transactions for loan and deposit accounts.
- Strengthens banks’ competitive positioning.
- Enhances customer service by providing the convenience of self-service.