Finastra has announced the availability of its loan document preparation system, LaserPro, in the cloud. LaserPro is currently used by over 2,500 financial institutions and the cloud-based version of the system aims to streamline loan document compliance management for lenders using a software as a service (SaaS) model. The cloud deployment of LaserPro provides financial institutions with the agility and scalability needed for growth and enables lenders to simplify system access, adopt compliance changes more quickly, and reduce IT resource costs. The system also offers integration with other solutions such as core, e-signature, and document management platforms, providing increased technological agility and flexibility. LaserPro in the cloud also boasts user-friendly workflows, allowing financial institutions to leverage their existing staff and investments while benefitting from a modern and intuitive interface. The initial release will focus on commercial and consumer closing document generation, with more functionality planned for future updates.
Speaking about the launch, Finastra’s VP of Retail Lending, Mitch Lucas, said: “By placing our lending technology in the cloud, we are actively driving the adoption of cloud solutions within the financial services industry. Our aim is to alleviate technology burdens and enhance operational efficiencies for organizations.”
LaserPro in the cloud also addresses regulatory and compliance requirements by offering standard product templates that enable financial institutions to speed up the document preparation process and ensure complete and compliant documentation. The cloud deployment not only strengthens regulatory compliance but also gives businesses a competitive edge by allowing them to respond swiftly to changing regulatory landscapes and reduce compliance-related costs. It also helps build trust among customers and stakeholders.
David O’Connell, Strategic Advisor at Datos Insights, praised the cloud-based solution, stating: “The more cost-effectively lenders can have a uniform and automated approach to document generation, the better their borrower experience will be.”
By introducing LaserPro in the cloud, Finastra aims to demonstrate its commitment to providing advanced technology solutions to financial institutions and to improve operational processes, ensure compliance, and enhance borrower experiences.
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