Farm Credit Services of America digs Fiserv’s DNA for lending
Nebraska-based Farm Credit Services of America (FCSAmerica) has chosen Fiserv’s DNA core account processing platform to support its agricultural lending operations.
After evaluating 20 systems, FCSAmerica selected DNA to replace its existing core system.
Banking Technology understands the lender has been using Misys’ FusionBanking Loan IQ system for the last five years or so, for syndicated lending. The new core platform will sit alongside Loan IQ.
FCSAmerica will use Fiserv’s technology to “modernise” its loan accounting and servicing for agricultural real estate loans, operating lines of credit, instalment loans and rural home loans.
Russ Wagner, VP and CTO of FCSAmerica, says: “Only DNA had the flexibility to meet our specific agricultural lending needs without having to be highly customised or requiring us to change our business processes.”
FCSAmerica will also be using a number of custom core extensions called DNAapps to add new features, screens and integrations to DNA. It will “evaluate opportunities” to use the DNAcreator software development toolkit as agricultural-specific lending needs arise and will have the ability to make these available to other agricultural lenders on the DNA platform.
FCSAmerica is a customer-owned co-operative that serves more than 57,000 agricultural producers in the Midwest. It has more than $25 billion in assets, and is the largest lender in the Farm Credit System, a nationwide network of co-ops providing credit and affiliated services to farm and ranch operators across the US.