Curomax

Curomax

June 01, 2005 09:01 ET

Curomax's Mycreditshop.com Enables San Antonio Federal Credit Union to Compete at Point-of-Sale; Curomax Provides SACU with Integrated Point-of-Sale Lending Platform for Small Ticket Items

MISSISSAUGA, Ontario--(CCNMatthews - Jun 1, 2005) -

Curomax, a leader in dealer finance e-commerce solutions and the originator of the premier multi-asset finance portal in North America, announced today that San Antonio Federal Credit Union (SACU) has implemented the Curomax point-of-sale (POS) lending platform, "mycreditshop.com." Mycreditshop.com provides an electronic application to deliver an on-line retail POS solution to subscribing retailers, enabling them to complete on-the-spot financial transactions. SACU, with a membership base in excess of 200,000 and more than $1.7 billion in assets, went live on the platform in February.

With the fully integrated POS lending platform for small ticket retail items in place, a SACU member, while visiting a dealer or merchant, can fill out a credit application that is electronically submitted to SACU's loan origination system (LOS) for an automatic credit decision. A credit card number is generated (upon approval) and then through Curomax, is transmitted back to the dealer or merchant. By the time the merchant or dealer enters the credit card number to complete the purchase, the account is live and the purchase can be authorized immediately.

"Having the ability to reach our members at the point-of-sale not only enhances the products and services we offer our members, but helps grow our lending portfolio," said Larry Biernacki, senior vice president, Lending for San Antonio Federal Credit Union.

"Developing this customized platform is just another testament to our mission of providing financial institutions with the tools and resources they need to compete in today's increasingly competitive lending environment," said Alan H. Bird, president and CEO of Curomax. "We are committed to providing the industry with the most advanced technology solutions, and this new point-of-sale platform enhances the options available to customers and gives them more flexibility in the way they do business."

About San Antonio Federal Credit Union

SACU is a $1.7 billion credit union, with 16 branches in San Antonio and two branches in Houston. The credit union provides convenience to members through a network of more than 100 ATM locations in the greater San Antonio area. The credit union also provides benefits to members through higher yields on savings, lower loan rates, and reasonably priced financial services. For additional information about SACU, visit the credit union's Web site at www.sacu.com.

About Curomax

Curomax and its industry leading on-line finance platform connects dealers across North America to provide access to financial institutions and other aftermarket suppliers through a single application over the Internet. Lenders originating business through Curomax are dramatically improving their operational efficiencies, reducing their business costs and improving their product offerings to dealers across the United States and Canada.

More than 9,000 automotive, recreational, marine, power sport and home improvement retailers are secure in the knowledge that the loan or lease structuring information provided through Curomax is precise and designed to maximize rapid response from the selected lender. For additional information about Curomax, visit the company's Web site at www.curomax.com.

Contact Information