Countrywide Unlocks New Revenue Opportunities from Host Assets; Reduces IT Development Time by 87 Percent, from Two Years to Three Months
- Development time dramatically reduced - from two years to three months
- Enables ventures (M&As etc) to ensure fully smooth transition through integration
- Businesses achieve benefits of integration without pain of system changes
LONDON, January 19, 2005 — WRQ, Inc. today announced that Global Home Loans, Ltd., a subsidiary of Countrywide Financial Corporation (NYSE: CFC) and Barclays Bank / The Woolwich, is harnessing the power of WRQ® host access and legacy integration solutions to speed time to market of its outsourcing services and joint ventures. Using WRQ Verastream® software, Global Home Loans created web services from legacy applications that cut customer loan processing times from two years to three months. Also, by combining these web services into a new web-based application, Global Home Loans has reduced call centre wait times by streamlining agent access to core customer information.
A long-time WRQ Reflection® customer, Global Home Loans standardised on WRQ Verastream after reviewing productivity gains powered by the solution at its affiliate, Balboa Insurance Group, a Countrywide Financial Corporation insurance subsidiary. Global Home Loans used Verastream to quickly integrate disparate systems between it and UK-based Barclays Bank, which enabled them to speed the benefits of this joint venture.
“With WRQ as our partner, we have dramatically transformed our business model, and we are seeing a substantial return on investment,” said Tommy Mason, chief information officer and executive vice president of Global Home Loans. “The majority of our customers, including our joint venture with Barclays Bank, have multiple legacy systems that must be integrated first before we can see any return on investment. Standardising on WRQ Verastream and Reflection has enabled us to maximise development times, improving ROI and time to market.”
For Countrywide, maintaining a global competitive edge in the financial services market through its Global Home Loans subsidiary was contingent on its ability to provide web-enabled services that reduce operational costs while speeding the administration of mortgage applications.
“Global Home Loans’ executives understand that when it comes to maximising their joint venture investments, it is critical to integrate diverse legacy systems quickly,” said Paul O’Connell, Director of Sales and Marketing for the UK, Ireland and South Africa at WRQ. “The ability to reuse and adapt legacy functionality not only saves time and money, but ensures that time-tested business processes and logic can be deployed in new initiatives in a matter of months.”
Using Verastream, Global Home Loans created a web service front-end that makes home mortgage loan operations available to customers in months instead of years. WRQ software’s service-oriented approach enables developers to rapidly create value-added services incrementally, without disrupting business operations. For example, call centre agents and users get reliable direct access to the host information they need from a single web interface, without needing to understand the overall work flow of the complete application.
“Every step of the way, WRQ provided significant value and stellar support for our complex demands, helping us to build our own in-house competency system for long-term maintenance,” Mason said.
“Verastream delivers loan and financial service information to customers in seconds by providing call centre operators with a 360-degree view of its customer data. By effectively modernising our global IT operations, WRQ solutions are now a part of Global Home Loans’ strategic IT vision,” Mason continued.
About WRQ Verastream and WRQ Reflection
WRQ Verastream integration server provides a single solution with an adaptable service oriented architecture (SOA) approach for reusing legacy logic and data in web applications, CRM applications or portals. WRQ Reflection software provides a complete range of terminal-emulation and PC X server solutions for local and remote users including advanced migration, administration and automation tools.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a member of the S&P 500, Forbes 500 and Fortune 500. Through its family of companies, Countrywide provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells, and services primarily prime-quality loans. Also included in Countrywide's mortgage banking segment is the LandSafe group of companies that provide loan closing services. Diversified financial services encompass capital markets, banking, insurance, and global, largely through the activities of Countrywide Capital Markets, a mortgage-related investment banker; Countrywide Bank, a division of Treasury Bank, N.A., a banking entity offering customers CDs, money market accounts, and home loan products; Balboa Life & Casualty Group, whose companies are national providers of property, liability, and life insurance; Balboa Reinsurance, a captive mortgage reinsurance company; and Global Home Loans, a European mortgage banking joint venture in which Countrywide holds a majority interest. For more information about the Company, visit Countrywide's Web site at www.Countrywide.com.
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