Nationally Recognized Working Capital Lender Selects Covarity for Automated Financial and Borrowing Base Analysis
KITCHENER, ON, Sept. 28, 2011 /PRNewswire/ - Covarity Inc., the leading provider of commercial loan portfolio monitoring and analysis, today announced that Crestmark has successfully deployed Covarity to streamline and automate complex formula-based analysis for its asset-based lending portfolio. A nationally recognized provider of working capital solutions, Crestmark expects the Covarity implementation will support the profitable expansion of the bank's asset-based lending portfolio with measurable efficiencies in credit administration with a framework to further enhance the bank's risk management practices.
"Our goal was to partner with a firm that could provide a product that would allow us to increase efficiencies by automating what had been a manually-intensive process, re-deploy personnel to other growth areas of the bank, and most importantly increase servicing, reporting and visibility to our clients," stated Mark Matheson, Senior Vice President, Chief Credit Officer at Crestmark. "Covarity was the right solution for Crestmark."
The Covarity solution enables Crestmark's clients to upload their required documents while automating collateral analysis, ineligible calculations, financial covenants and exception management for borrowing base and financial reviews, which in the past required significant internal resources. Covarity will work in parallel with Crestmark's existing core client access system.
"The Covarity staff worked closely with us to tailor several elements of the system to fit our specific needs. The in-depth training they provided ensured a smooth transition for our clients," continued Matheson.
"Crestmark Bank is a recognized leader with a national presence in asset-based lending and A/R financing," said Rod Foster, President & CEO, Covarity. "With market momentum behind working capital lending we are excited to work with Crestmark to support their continued business growth and improve their portfolio performance."
About Crestmark Bank
Crestmark is a nationally recognized provider of working capital solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, discount factoring, and traditional factoring to diverse industries such as apparel, furniture, government receivables, home furnishings, manufacturing, staffing, transportation, and many more. Headquartered in Troy, Michigan, with regional offices in Florida, Louisiana and Tennessee; sales offices located in Alabama, California, Florida, Georgia, Illinois, Ohio, New Jersey, New York, Missouri, North Carolina, Tennessee and Texas. www.crestmark.com .
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 monitoring and analysis. Covarity automates the process of 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 include Royal Bank of Canada, BMO Bank of Montreal, Libro Financial Group and Fidelity Bank in the United States. Please see www.covarity.com for more information.
SOURCE Covarity Inc.