BankZIP.com Announces Strategic Alliance With Outsource Financial Services, LLC.Business Editors & Financial Writers POTTSTOWN, Pa.--(BUSINESS WIRE)--June 5, 2000 Outsource Lender to Offer Loan Origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Services Via BankZIP.com BankZIP.com, the world's first Internet banking alliance, today announced a partnership agreement with Phoenix, Arizona-based Outsource Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (OFS (OFS, Norcross, GA, www.ofsbrightwave.com) A manufacturer of optical fibers and interconnect equipment. Formerly the Optical Fiber Solutions (OFS) Group of Lucent, OFS was turned into a stand-alone company acquired by Furukawa Electric in 2001. ), an organization offering instant decisions on Internet loans and help-center support for on-line applicants. The alliance between BankZIP.com and OFS will enable BankZIP.com alliance partner banks to make faster and more informed decisions about extending credit to their consumer loan customers on a per transaction fee basis. Through a "co-branded" Web site, visitors to BankZIP.com can now access loan product and pricing information from their local community bank, fill out and send loan applications, and receive a decision within 30 seconds. "Our mission is to help community banks across the country offer great products and services on the Internet," said BankZIP.com President Rick Elko. "Adding a tool such as end-to-end delivery of consumer loans is a huge step toward our main goal. With the addition of Outsource Financial Services, we can now offer on-line loans instantly to consumers utilizing BankZIP.com tools." As an added feature, BankZIP.com can also provide community banks the option of outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. their consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. function, thus making back-office loan processing more efficient and cost-effective for the alliance partner. BankZIP.com was created as a way for community banks to leverage a full spectrum of financial services utilizing advanced Internet technology, a multi-million dollar national and regional marketing program, product fulfillment, and customer support while maintaining the personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. local service for which community banks are known. As BankZIP.com alliance partners, community banks can offer their customers Internet banking services through the nationally promoted BankZIP.com Web site, which is co-branded for each alliance partner in the network. Visitors to BankZIP.com enter their ZIP code zip code System of postal-zone codes (zip stands for “zone improvement plan”) introduced in the U.S. in 1963 to improve mail delivery and exploit electronic reading and sorting capabilities. and are automatically matched with an alliance partner designated for their area. In addition to online banking services and Internet services, community bank customers have access to free on-line bill pay services and the ability to use surcharge An overcharge or additional cost. A surcharge is an added liability imposed on something that is already due, such as a tax on tax. It also refers to the penalty a court can impose on a fiduciary for breaching a duty. free ATMS of the BankZIP.com alliance partners. "The Internet is a very viable source for financial services and this enhancement allows BankZIP.com to more completely serve the community banking industry," said OFS President Lowell Middleton. "At the same time, it empowers customers to submit their loan applications when it is convenient for them and get an instant decision. Applicants who require clarification or have questions on their loan application can access experienced bankers at our call center and continue the process while still online." About Outsource Financial Services, LLC Phoenix-based Outsource Financial Services operates a full-service consumer-lending center that provides loan origination and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to financial institutions nationwide. The OFS state-of-the-art loan center can support loan application processing through multiple channels including call center, fax and the Internet. In addition to providing "instant loan decisioning," OFS also can deliver loan documents via the Internet. The OFS team is staffed with veteran bank consumer loan officers, highly experienced in the credit origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real function for all types of consumer loans, both direct and indirect. Consulting services include product development, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. , benchmarking, process re-engineering and portfolio analysis and management. The OFS Web site address is www.outsourcefinancial.com. About BankZIP.com BankZIP.com is the world's first Internet banking alliance and was created as a way for community banks to attract new customers through an extensive consumer marketing and awareness campaign. BankZIP.com provides new and existing customers with a superior Internet experience that includes an extensive product offering. BankZIP.com can enhance existing Internet banking software for community banks that already offer Internet banking to customers, or it can be installed as a complete turnkey solution for banks with no Internet offering. Community banks can become part of the alliance in as little as 30 days. BankZIP.com is built upon the foundation of the high quality customer experience and trust for which community banks are known. With BankZIP.com, customers of community banks have several banking options, including on-line, in person, on the phone, or banking through the mail. Customers also enjoy the use of all ATMs within the alliance without paying surcharges. Fully developed, BankZIP.com will support over 300 banks with as many as 4,000 branches and 5,000 ATMs across the nation. |
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