American Management Systems, Inc. and decisioning.com, Inc., a subsidiary of Affinity Technology Group, Inc. Friday announced the signing of a patent licensing agreement that enables AMS to incorporate Affinity’s patented automated lending technology in systems developed by AMS.
AMS has integrated this innovative technology into its iCredit suite of products that provide fully automated instant credit decisioning for customers applying through the Internet. With iCredit, financial institutions can quickly capitalize on the increasing consumer demand for on-the-spot credit approval anytime, anywhere. iCredit is one example of AMS’s full spectrum of e-commerce solutions.
Affinity said that decisioning.com expects to receive at least $1 million in licensing fees under the AMS agreement during the next 18 months. Terms for individual licenses, to be granted by decisioning.com to AMS clients, were not disclosed.
“Our agreement with Affinity ensures that AMS clients remain in the vanguard of Internet lending technology,” said Robert Kramer, Vice President, Consumer Financial Services of AMS.
“We partnered with Bank of Montreal to deliver the first web site with instant online decisioning for mortgage, student loan and credit card applications in 1997. We have now successfully deployed this patented technology into our iCredit products. As a result, our clients can be first to market and first to innovate with Internet-based customer self service lending, creating competitive advantage at a substantially reduced risk.”
“We see this agreement with AMS as the first of many opportunities to license Affinity’s patented technology to developers and users of automated lending systems,” said Murray Smith, President and CEO of Affinity and decisioning.com. “In addition, we will continue to sell rtDS, Affinity’s real time outsourced decision service for Internet lenders that renders decisions on Internet loan applications using the lender’s credit policy. rtDS is available today for decisioning mortgages, home equity loans and lines of credit, auto loans and leases, credit cards, and other unsecured loans and lines of credit.”
The AMS-decisioning.com agreement covers U.S. Patent 5,870,721 and related pending patents. Issued in February, this Affinity patent covers fully automated systems for lending. Affinity Technology Group has assigned to decisioning.com exclusive rights under the patent, including the right to sublicense the patent, in the Internet field of use. Affinity retains patent rights for systems taking applications by other means, such as its Automated Loan Machine.
iCredit is AMS’s software suite that enables organizations to provide instant, interactive credit originations through all delivery channels. This suite includes ACAPS Enterprise, the market leading credit application processing solution; ACAPS Anywhere, the intuitive GUI for access to ACAPS Enterprise at multiple delivery channels; Credit Xpress, the real time Internet lending application system; BureauLink, the rapid linkage to credit bureau information; and Strata, the customer-based decision management platform.
AMS’s consumer financial services practice specializes in customer management strategy and technology consulting for large institutions. AMS is a world-class international business and information technology consulting firm. As one of the 20 largest consulting firms worldwide, AMS provides a full range of services and solutions: eCommerce, customer value management, business re-engineering, change management, knowledge management, systems integration, and systems development and implementation. Founded in 1970, AMS is headquartered in Fairfax, Virginia, with over 8,000 employees and 57 offices worldwide. AMS had 1998 revenues of $1.1 billion. AMS can be found on the World Wide Web at [http://www.amsinc.com].
Affinity’s technology enables financial institutions to link their dealers, branches, call centers, and Internet customers electronically to their credit departments, providing fully automated lending — and, if necessary, connectivity to a loan officer — through every channel. For financial institutions, Affinity’s solutions expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at [http://www.affi.net]. decisioning.com’s web site is located at [http://www.decisioning.com].
Forward-looking statements in this news release, including statements regarding the scope of Affinity’s patent covering fully automated lending systems, the agreement between Affinity/decisioning.com and AMS, and potential revenues to Affinity/decisioning.com under that agreement are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, including those related to general economic conditions, delays, risks and uncertainties associated with the development and deployment of new technologies, consumer and industry acceptance of automated delivery channels, and regulatory risks, that may cause actual results to differ materially from those projected.