SAN FRANCISCO (1/19/10)--oFlows Inc., a software-as-a-service technology company for credit unions and community banks, announced its launch last week.
The paperless system reduces costs and allows financial institutions to compete with larger national banks. oFlows can be implemented in a few days, the company said. USA FCU, San Diego, deployed the oFlows software. A credit union member overseas went online, was pre-approved for a loan, authenticated his identity, e-signed the required forms and uploaded supporting documents in less than 10 minutes, said the credit union. The loan file was delivered to the credit union, where it was underwritten and processed. The funds were disbursed electronically the next day. “In the past, that transaction would have taken weeks,” said Carolyn James, USA FCU chief information officer. oFlows said it believes in community-based financial institutions and sees an opportunity for them to thrive because consumer attitudes toward big, corporate banks are shifting. “We think of credit unions and community banks as the good guys of financial services,” said Scott Pitts, oFlows CEO. “The oFlows platform effectively allows them to leapfrog most of the biggest national banks.” oFlows is headquartered in San Francisco.