San Antonio-based FIData Inc. (210-321-7470) has licensed LT2k, ARC Systems' automated underwriting technology that will enable credit unions to approve loan applications in 30 seconds or less via the Internet.

In April 1998, FIData introduced an Internet "instant loan approval" service for credit unions, allowing members to obtain collateral and personal loans via the Internet by accessing their credit union's Web site. Austin, Texas-based ARC Systems' LT2k technology (512-4449732) provides FIData with enhanced automation and speed for the loan origination process.

The LT2k system is preconfigured for the credit union's specific loan underwriting parameters and electronically accesses consumer credit reports for real-time information. Applications are processed against a rules-based decision system and automated underwriting criteria.

Copyright Credit Union National Association, Inc. Jun 1999
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