Agri lender SunStream taps Fiserv for lending operations modernisation
US banking tech heavyweight Fiserv has been chosen by agricultural lender SunStream Business Services to deploy its core platform in order to modernise and support its lending operations.
SunStream taps Fiserv for lending operations upgrade
The Minnesota-based lender will move to Fiserv to meet the complex loan servicing needs of its shareholders and react at speed to regulatory and compliance updates.
SunStream Business Services provides business and technology services to Farm Credit Entities throughout the Farm Credit System, which supports rural communities and agriculture with credit and financial services.
The organisation is a service entity owned by four shareholders: AgriBank FCB, Compeer Financial Services, Farm Credit Mid-America, and an ownership collaboration of nine Farm Credit Associations, totalling more than $82 billion in assets.
Under the deal, all shareholders will move away from custom, piecemeal systems and utilise Fiserv’s DNA as their common core loan accounting platform.
“After upgrading our other financial platforms, we faced the challenge of modernising our core loan accounting system,” says Ruth Anderson, vice president of product and service delivery at SunStream Business Services.
“We were looking for a single platform that could handle all of our loan portfolios, including mortgage, operating, term and capital markets loans, and provide us flexibility and ease of integration.”
The DNA open platform, with its commercial servicing capabilities, will allow SunStream shareholders to provide more “robust” payment and loan offerings to customers.
Additionally, the platform’s Application Programming Interfaces (APIs) will simplify integrations with other solutions including third-party lending instruments and make it easier to build and launch new products and capabilities.
