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Finastra Advances Loan Document Strategy with Cloud-Based LaserPro

Finastra Boosts Loan Document Strategy with Cloud-Based LaserPro

  • In 2017, Finastra introduced FusionFabric.cloud, which has since become a leading open innovation platform for the industry.

  • LaserPro, utilized by more than 2,500 financial institutions, is crafted to enhance and accelerate the loan processing journey for borrowers.

  • LaserPro in the cloud will initially prioritize commercial and consumer closing document generation, with ongoing enhancements planned.

Finastra has announced that its loan document preparation system, LaserPro, is currently accessible through cloud infrastructure. This introduction of LaserPro into the cloud environment aims to simplify loan document compliance management for financial institutions by employing a SaaS model.

Mitch Lucas, Vice President of Retail Lending at Finastra, who heads the team based in Portland (Oregon) responsible for developing this solution, emphasized that deploying their lending technology in the cloud demonstrates their commitment to promoting cloud solutions across the financial services sector. He added that with the capabilities of LaserPro, borrowers can enjoy expedited decision-making, streamlined processes, and seamless integration with various vendors and services.

LaserPro in the cloud equips financial institutions with the agility and scalability needed for expansion. It enables streamlined system access, accelerated compliance adjustments, and reduced IT costs for improved loan operation profitability. This solution lowers ownership expenses and enhances integration with core systems, e-signature solutions, and document management platforms, bolstering technological adaptability. LaserPro's provision of standard product templates and mandatory data fields also addresses evolving compliance requirements, expediting document preparation while ensuring compliance. Its cloud deployment strengthens regulatory adherence, bestowing a competitive edge by enabling swift adaptation to regulatory changes, reducing compliance costs, and fostering trust with customers and stakeholders.

David O'Connell, Strategic Advisor at Datos Insights (formerly Aite Novarica Group), stated,

The more cost-effectively lenders can have a uniform and automated approach to document generation, the better their borrower experience will be. This is particularly true in the case of the many smaller banks in North America competing against the small cohort of larger players.

[Source: Cision PR Newswire]

Finastra's introduction of LaserPro in the cloud underscores its commitment to delivering cutting-edge technological solutions to financial institutions. This cloud deployment streamlines operational processes, ensures continual compliance, and elevates the borrower experience.

Finastra, a global provider of financial software applications and marketplaces, serves a diverse range of institutions, offering acclaimed software solutions and services encompassing lending, payments, treasury and capital markets, and universal banking, spanning retail, digital, and commercial banking. These solutions empower banks to foster direct customer relationships while expanding through indirect channels, such as embedded finance and banking-as-a-service.

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