Covarity Launches Quick Start Program for Commercial Lenders

Extends Financial Institutions a Fully Supported, Complimentary Evaluation of Commercial Loan Monitoring Solution

KITCHENER-WATERLOO, ON, April 21 /PRNewswire/ - Covarity Inc., the leading commercial loan portfolio management software provider, today announced the availability of Covarity Quick Start, a program providing financial institutions exploring the benefits of commercial loan monitoring with a framework to evaluate the Covarity solution at no cost, and with minimal internal resource requirements.

"While commercial lending organizations appreciate the need for greater loan monitoring precision, resource-intensive projects and up-front capital requirements can still pose a barrier to evaluation in the current environment," stated Rod Foster, Covarity President and CEO. "The Covarity Quick Start program allows businesses an opportunity to pilot the solution with minimal impact to operations and clients."

With structured training and project support, the Quick Start program provides immediate access and allows participants to measure business benefits from core solution modules over a 90-day period. Delivered through a software-as-a-service model, Covarity does not require any client hardware or software investments.

"With increasing regulatory requirements on lenders, financial institutions should consider not only the operational efficiencies of automated loan monitoring and analysis, but also the ability to address compliance with audit-ready reporting," added Susan Feinberg, a Senior Research Director with TowerGroup. "With heightened management and regulatory scrutiny of commercial loan portfolios, it is critical that banks identify opportunities to improve loan monitoring capabilities in the immediate term."

About Covarity Inc.

Covarity is the choice of the best managed banks in the world (as cited by sources such as the World Economic Forum and Global Finance magazine) for precision commercial loan portfolio management. Covarity automates the process for collecting and analyzing borrower financial data and enables financial institutions to manage credit risk on a loan-by-loan basis. Covarity's hosted, Web-based commercial loan monitoring solution delivers process efficiencies, value-added customer service and helps prepare financial institutions for regulatory scrutiny fast and efficiently with minimal capital outlay. Covarity is based in Kitchener, ON and was incorporated in 2001. Covarity's customers include Royal Bank of Canada, BMO Bank of Montreal, HSBC Bank Canada, Libro Financial Group, and RBC Bank in the United States. Please see www.covarity.com for more information.

SOURCE Covarity Inc.