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Secure email solution for lenders enables nearly paperless loan processing
Hackensack, NJ, September 16, 2004 – PaperClip Incorporated, a leading developer of integrated document management and loan processing solutions, announced today that Sound Software, Open Solutions Inc.’s loan origination business unit, is private labeling PaperClip’s Internet eXpress document delivery technology to empower its customers with the technology for electronic closing package delivery.
Sound Software has licensed PaperClip’s Internet eXpress for its new service offering, Sound Delivery™. With the new technology, loan documents can be quickly and securely transmitted via the Internet, a process that cannot take place over standard e-mail due to privacy and file size limitations. Thanks to the new technology, users can go as paperless as they desire, choosing to print only the final, signed documents, or printing hard copy loan packages at any point during the lending process.
The technology eliminates the potential for lost or delayed shipping of documents, allowing lenders to better service customers. Additionally, it can help lenders reduce costs associated with couriers and other shipping methods.
“By private labeling PaperClip’s Internet eXpress, Sound Software can quickly provide its customers a tried and true solution that takes loan processing to the next level. The ability to securely transmit loan documents via the Internet not only makes it faster and cheaper to send loan documents to third parties involved in the loan process, but it also provides an effective method of tracking exactly when a document was sent and whether it was received”, explains Mike Bridges, President of PaperClip Incorporated.
Scott Piltz, Vice President of Sound Software, adds, “PaperClip’s Internet eXpress solution has permitted us to rapidly deliver a solution that will dramatically expand our service offerings and better equip our customers to efficiently process loans.”
About Open Solutions Inc.
Open Solutions Inc. (NASDAQ:OPEN) offers a fully featured strategic product platform that integrates core data processing applications, built on a single centralized Oracle® relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, Check 21, interactive voice response and loan origination solutions. Open Solutions’ full suite of products and services is designed to allow banks, thrifts and credit unions to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions, or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at (860) 652.3153 or via fax at (860) 652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.
About PaperClip Incorporated.
PaperClip Incorporated develops and markets software products that organize, manage and communicate documents, images and workflow for a wide range of users. Established in 1991, PaperClip has a customer base that includes small and mid-size organizations as well as Fortune 1000 multi-nationals. PaperClip markets its products through an international network of authorized PaperClip resellers. For further information, please contact PaperClip at (800) 9293503 or (201) 329-6300, or visit www.PaperClip.com. Public Symbol: PCLP.
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PaperClip and PaperClip32 are registered trademarks of PaperClip Incorporated. All other named products mentioned in this release may have been identified by trademarks or registered trademarks of their respective holder.