Verity LiquidOffice Automates Home Mortgage Processing for Colombian Government
Financial Agency Harnesses Process Automation Solution for Low-Interest Loan Program
LiquidOffice Successfully Implemented in Eight Days, Achieved Full ROI in First Full Year of Implementation
SUNNYVALE, Calif. - 2005-03-01 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced the Colombian government's finance agency has implemented Verity® LiquidOffice™ Web-based business process automation software to process over $220M in credit approvals for low interest rate mortgages.
Financiera de Desarrollo Territorial, Colombia's finance agency, also known as FINDETER, administers a government-funded credit program for home mortgages, similar to that of the U.S. Federal Housing Administration. The Colombian program involves the country's 20 largest banks, representing 80 percent of its total home mortgage financing activity. In creating a "social housing" program for Colombians of modest means, the government recognized the importance of home-ownership. The government requested that FINDETER implement an automation solution designed to manage the mortgage loan process.
"FINDETER was charged, by the Colombian government, to implement a solution designed to automate the processing of low interest rate mortgages for low income constituents within eight days," said Jorge Ivan Bedoya, FINDETER's information and process manager. "LiquidOffice was the only solution that allowed us to successfully meet this deadline, achieve rapid ROI, and, process over $220M in credit approvals through the system efficiently."
Reflective of a national IT project, this effort had a clear goal: Automate the credit approval process for banks and eliminate paper forms. Along with improving worker productivity, accuracy and reducing paper-related costs, FINDETER wanted to reduce the internal processing time of routing, tracking and approving of forms and documents associated with credit requests. With Verity LiquidOffice, all participating banks use a standard form, which is sent electronically to FINDETER. The data and forms are then automatically routed to the appropriate person in the agency's Department of Risk for prompt review and approval of credit.
"This is the first such application of Verity LiquidOffice in Latin America," said
Anthony J. Bettencourt, Verity's president and chief executive officer. "It is a powerful demonstration of how this Web-based solution can improve the processes and performance of a national government agency, business or any organization. We are pleased that Colombia's finance agency came to Verity, and our Bogatá-based reseller, Infórmese Ltda, to help make its 'social housing' program more efficient and effective."
FINDETER chose Verity LiquidOffice for its easy, intuitive design, Web interface, open architecture, LDAP compatibility, and ease of installation and administration. "LiquidOffice was the most cost-effective tool on the market," Bedoya said. "The LiquidOffice Form Designer is easy to use and lets us produce forms our bank customers can use. Deploying the software was simple as was the integration with our database and back office components."
FINDETER has achieved full ROI on this software investment-one year after the initial implementation. Participating Colombian banks will initially generate 150,000 applications on an annualized basis, with an expectation for growth each year. The agency is looking at more ways to utilize LiquidOffice, including human resource forms and customer-facing service applications processing.
About Verity
Headquarter in Sunnyvale, California, Verity provides software that enables organizations to maximize the return on their intellectual capital investment. The company's intellectual capital management (ICM) solutions provide integrated search, classification, recommendation, monitoring and analytics across the real-time flow of enterprise information, along with self-service Q & A. In addition, Verity's business process management and content capture solutions activate information and accelerate its flow from person to person and between systems. Verity technology also serves as a core component of more than 260 applications from leading independent software vendors.
Around the world, more than 11,500 organizations of all sizes and types rely on Verity to manage their intellectual capital. In the private sector, these include ABB, AT&T, AXA, Bristol-Myers Squibb, CapGemini, Capital One, Cisco, Deloitte Consulting, EDGAR Online, Ford, GMAC, Hewlett-Packard, Kaiser Permanente, KPMG, Mayo Foundation, PricewaterhouseCoopers, SAP, UBS and Verizon. In the public sector, customers come from all levels and branches of government, including the U.S. General Services Administration, the U.S. Air Force and Army, the U.S. Department of Defense, including the armed forces units, and the U.S. Departments of Energy and Justice. Independent software vendors that integrate Verity include EMC Documentum, FileNet, Lotus, Oracle, Stellent and TIBCO.
This press release contains forward-looking statements relating to the expected benefits that FINDETER will receive from utilizing Verity LiquidOffice is a forward-looking statement. Actual results are subject to risks and uncertainties, including the risk that further integration of the Verity solution into the FINDETER system will not perform as anticipated as a result of unforeseen technical difficulties. These and other risks relating to Verity and its business and products are set forth under the caption "Risks Relating to Our Operations" in Item 2 of Verity's Form 10-Q filed with the Securities and Exchange Commission on January 7, 2004.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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