Despite the current economic turmoil, it's good to see Canadian financial institutions continuing to invest in technology. Kitchener-based Covarity Inc. announced today that the BMO Financial Group has choosen their SaaS solution. Covarity's software will be used automate and standardize the commercial loan management process across BMO's 900+ branches.
2008 has been a banner year for Covarity - they kicked it off with an announcement in February that they had landed HSBC as a client and they're closing the year with BMO Financial Group on board.
Covarity offers a hosted, web-based commercial loan portfolio management solution that automates the collection and management of key loan documents and borrower financial data. Covarity's solution enables financial institutions to mitigate credit and operational risk, prepare for regulatory compliance, improve efficiencies, and increase the value delivered to commercial customers.
Covarity addresses traditional labor-intensive and error-prone manual processes by allowing lenders to automatically gather, analyze and track borrower financial data. This process efficiency leads to improved risk management by reducing errors and ensuring quality within a bank's loan review processes, as well as enabling compliance with increasing regulatory requirements and, ultimately, reducing loan risks and losses.
BMO has begun deployment of the Covarity solution and it will be rolled out nationally in the spring of 2009.
Covarity investors include Tech Capital Partners, Sylon Advisors, GrowthWorks, and BDC Venture Capital.