Technology-focused Credit Union Becomes Early Adopter of Akcelerant's Latest Loan Origination

MALVERN, PENNSYLVANIA – Akcelerant, a provider of connected software technology to the financial services industry, announced today an expanded relationship with Addison Avenue Federal Credit Union (Addison Avenue), a California-based credit union with over 2.4 billion in assets and over 150,000 members. Addison Avenue has been using Akcelerant’s premier software platform, the Akcelerant Framework, to manage collections since August of 2009. This new agreement will allow Addison Avenue to use their existing Akcelerant Framework platform for a dual purpose – to drive loan origination and implement powerful “next generation” lending features.

Akcelerant has a unique product vision and is working to redefine the way credit unions and banks leverage software to manage multiple lines of business and analytics. Using the Akcelerant Framework, financial institutions will be able to streamline lending, collections, and numerous third-party, best-of-breed services all through one primary platform. In addition to this delivery strategy, the Akcelerant Framework is bringing consumer loan origination features to the table that exceed the capabilities of current software providers, along with functionality that cannot be matched due to the unique strategy of providing lending and collections from a single platform.

When Addison Avenue discovered the need to enhance its loan origination process in mid 2009, the credit union began evaluating top industry lending providers in pursuit of the best the industry has to offer. During this process, Addison Avenue was impressed by Akcelerant’s overall product vision of lending and collections on the same system, and equally affected by the Akcelerant Framework’s powerful new features and easy-to-use design. In the end, Addison Avenue selected Akcelerant as its partner of choice for delivering a new loan origination system.

“The features offered in Akcelerant’s next generation loan origination system will help us to improve member service, and significantly reduce costs, without sacrificing quality. We will streamline processing with increased automation, and build custom workflows that align with our multi-channel delivery model. Most importantly, we will dramatically increase automated credit decisions without sacrificing the quality of decisions for both approvals and declines. Akcelerant’s vision and commitment to partnership were impressive and unmatched,” said Brian Hamilton, Director of Consumer Loan Operations at Addison Avenue.

“We are excited to deliver our next generation loan origination product to Addison Avenue.  The Akcelerant Framework will help Addison Avenue take their lending processes and risk management strategies to the next level with our flexible decisioning technology and other dynamic features which blend both our lending and collections solutions in the Framework. These capabilities will set Addison Avenue apart, as they will be among the first in the industry to have the ability to truly integrate lending and collections. Addison Avenue is an industry-leading financial institution, and we are looking forward to working with them on this new product initiative,” states Jay Mossman, President & CEO of Akcelerant.

About Akcelerant Software
Akcelerant, with offices in Malvern, Pennsylvania and Vancouver, British Columbia, provides connected software applications to the financial services industry through multiple product lines and integration to best-of-breed service providers. Approximately 500 financial institutions in all 50 states and all provinces of Canada are currently using Akcelerant technology.  For more information about Akcelerant, visit www.akcelerant.com.

About Addison Avenue Federal Credit Union
Based in Palo Alto, California, Addison Avenue is a nationwide, full-service financial institution serving more than 150,000 members. We offer a range of services to the employees and family members of our sponsor companies such as Hewlett-Packard, Cisco, Philips Healthcare, Hitachi Data Systems and Agilent Technologies. Members from communities across the country utilize our banking services including: Checking and savings accounts, investment services and credit cards through a secure online banking solution, a 24×7 call center and over 20 branch locations. For more information about Addison Avenue, visit www.addisonavenue.com.