Cypress Software Systems Inks Agreement with RouteOne; Interface Between Firms' Products Designed to Enhance Loan Applicants' Experience.NORTH RICHLAND HILLS, Texas North Richland Hills is a city in Tarrant County, Texas, United States. The population was 55,635 at the 2000 census. In 2006, North Richland Hills was selected as the one of the "Top 100 Best Places to live in America" according to Money magazine. -- Cypress Software Systems, LP has signed a vendor agreement with RouteOne LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , under which the companies will create an interface between their respective software applications, Mark IV and its optional Indirect Finance Module, and the RouteOne credit application management system. RouteOne, a joint venture of DaimlerChrysler Services, Ford Motor Credit Company Ford Motor Credit Company is the financial services arm of Ford Motor Company, and is headquartered in Dearborn, Michigan. Its business activities are concentrated primarily in the area of automobile loans in support of its parent company. , General Motors Acceptance Corporation, and Toyota Financial Services The business known as Toyota Financial Services operates in over thirty countries around the globe and is the wholly owned financial services operation of the Toyota Motor Corporation. , was created in 2002 to streamline the credit application process for automobile dealers and their customers. It will enable auto dealers to submit a consumer's credit application directly to multiple finance sources. The interface between RouteOne and Cypress will make it easier for finance sources using Cypress to connect with the RouteOne system. Similarly, Cypress' flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , Mark IV, is a Windows-based tool that provides finance sources with a user-friendly application data entry point, quick retrieval of credit reports, reconciliation of debt information, and deployment of the finance sources' loan policies. Cypress provides these tools with the goal of speeding a quality credit decision back to the applicant, and assisting the finance sources in maximizing portfolio performance. Cypress' recently announced Indirect Finance Module for Mark IV provides an extended set of tools, beyond Mark IV's existing dealer management toolset, to manage relationships and receive and process credit applications from various indirect sources such as automotive and other vehicle dealers, contracting agents and finance companies. "This agreement is intended to maximize the synergies between our respective products and target customers," said Steve Sargent, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cypress Software Systems. "It will allow automotive F&I managers and bank loan officers to electronically pass credit application requests from RouteOne into Mark IV, bypassing the need to re-key data into Mark IV from a faxed or emailed application, and then electronically return a decision." The result, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Sargent, is a very quick turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. from point of application to decision, which will enhance the applicant's financing experience at the dealership. "We have always been committed to our finance source customers," said Mike Jurecki, RouteOne CEO. "Our agreement with Cypress enables us to provide those finance sources with the tools they need to expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. the credit application decisioning process. This ability to generate a rapid decision provides the finance sources a competitive edge in the marketplace." RouteOne is currently rolling out to dealers in the southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . They will continue rolling out to dealers across the U.S. throughout the year, targeting activation of 50 percent of new franchised vehicle dealers by the end of 2004. About Cypress Software Systems Headquartered in North Richland Hills, Texas, Cypress Software Systems, LP is a leading developer of automated credit application decision support technologies. The company serves community and regional banks, finance companies and credit unions with loan application decision and tracking tools on par with those used by larger national lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in . The Company's flagship product, Mark IV, is used by clients nationwide to quickly and consistently process consumer loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking applications from point of entry to point of decision. Web Site: http://www.go-cypress.com. About RouteOne Established in April 2002, RouteOne LLC is a joint venture formed by DaimlerChrysler Services, Ford Motor Credit Company, General Motors Acceptance Corporation, and Toyota Financial Services to improve the credit application process for automobile dealers, their customers, and participating finance sources. The joint venture has developed a web-based system that enables dealers and their finance sources, including captives, banks, and other financial institutions, to exchange credit application and decision information online. More information is available at http://www.routeone.com. |
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