December 15, 2003, Creditdiscovery Introduces Feature Rich, Next-Generation Product, FinanceExpress

Creditdiscovery, the leader in independent online decision making for the Acquiring Industry, today announced the introduction of Finance Express. Finance Express is designed to be installed at a bank-branch New Accounts desk.

With a newly integrated "auto-complete" technology, (a proprietary feature from Creditdiscovery), Finance Express allows a bank employee to enter an applicant's social security number, (or alternatively the name and last 4 digits of the social security number), into Finance Express, and the application completes itself. A demonstration of this technology, showed that the name, addresses, telephone numbers, DMV information, date of birth, owned businesses, etc., all get populated automatically, thereby eliminating the need for data-entry. A consumer simply signs the electronic application, using a signature pad attached to a PC, and Finance Express then attempts to instantly approve the applicant for ALL banking services, including Checking, Savings, VISA/MasterCard, Personal Lines of Credit, Auto Loans, etc. Finance Express can also approve the applicant for business products as well, including Merchant Services, Business Lines-of-Credit, Insurance, etc., although these services do require the entry of additional information. Creditdiscovery clients are finding that New Accounts desks are able to sell up to 4 products per application, where prior, they sold an average of 2.2 products per applicant. Applicants also seem happier with the new solution, as application times are completed within 5 minutes, versus 30, and one application, versus several.

Finance Express is integrated into the Creditdiscovery Distributed Underwriting and Exceptions Infrastructure, allowing underwriting groups to complete underwriting electronically. For these groups, Creditdiscovery provides a means by which underwriters can interact with the applicant via telephone, the web, email, FAX, etc., and exchange documents over time to complete the underwriting process. All of these services are managed via an Internet based ASP service, managed and operated by Creditdiscovery. Back-end connectivity allows financial institutions/groups to integrate application data into their systems in real-time, thereby reducing application processing times to minutes instead of days.

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