Agri Lender SunStream uses Fiserv to modernize its lending business
US banking tech heavyweight Fiserv has been selected by agricultural lender SunStream Business Services to deploy its core platform to modernize and support its lending operations.
The Minnesota-based lender will transition to Fiserv to meet its shareholders’ complex loan servicing needs and respond quickly 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 organization is a service entity owned by four shareholders: AgriBank FCB, Compeer Financial Services, Farm Credit Mid-America and a joint venture of nine Farm Credit Associations with total assets of more than $82 billion.
Under the terms of the agreement, all shareholders will move away from custom, piecemeal systems and use Fiserv’s DNA as their common core loan accounting platform.
“After upgrading our other financial platforms, we faced the challenge of modernizing our core loan accounting system,” said Ruth Anderson, vice president of product and service delivery at SunStream Business Services.
“We were looking for a single platform that could manage all of our loan portfolios, including mortgage, commercial, term and capital markets loans, and that would give us flexibility and easy integration.”
The open DNA platform, with its commercial services capabilities, will enable SunStream shareholders to offer customers more “robust” payment and credit offerings.
In addition, the platform’s Application Programming Interfaces (APIs) simplify integration with other solutions, including third-party rental instruments, and facilitate the development and launch of new products and features.