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Greylock FCU launches technology CUSO

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PITTSFIELD, Mass. (6/11/14)--Greylock FCU, Pittsfield, Mass., with $1.1 billion in assets, has launched a credit union service organization that will provide custom programming, training and DNAapp development for financial institutions that use the Fiserv DNA core processing platform.
 
Greylock Technology Group will create and sell DNAapps to other institutions that use the Fiserv DNA core system through the DNAappstore.
 
"Greylock FCU's information technology department is very proficient at creating custom programming solutions for Greylock," said Kevin Zimmer, GTG president. "GTG is a way to share that knowledge with the community banking industry and generate revenue for Greylock FCU. The applications GTG creates can be used knowing that the application being attached to the critical core system has been tried and tested."
 
GTG currently has nine DNAapps for sale in the DNAappstore and more than 100 custom DNA reports available for direct licensing. One of the apps GTG has created helps loan officers assemble data and produce criticized assets reports automatically. Previously, producing such a report could take up to 2 1/2 hours per relationship. Since its launch last year, Greylock's business banking department estimates the app has saved the credit union more than 1,000 employee hours.
 
Three of the most popular apps developed by GTG include:
 
Criticized Assets Report: Assists in the monitoring of an institution's criticized assets. It collects the information needed by lenders, credit departments, loan review and risk management departments to allow for quick analysis without wading through several screens of information.
 
Loan Change Review Report: Provides data changes for loan accounts over a specified date range. The application has 10 optional sections that can be displayed, as well as a parameter that can be used to not report changes made by automated processes.
       
Loan Credit Analysis: Provides information useful for overall loan quality analysis. Data ranging from credit scores for all borrowers on the account to detailed property and appraisal information is shown.