ParaData Financial Systems has been providing complete systems solutions to the financial services Marketplace for over 25 years. ParaData's Loan Manager Software offers a comprehensive data processing package for all types of consumer lending operations.

The Loan Manager product was initially designed for a group of independent consumer finance companies in Michigan. Several of these customers needed replacements for their old ledger card posting machines, and one multi-office company wanted to replace its online service bureau. Back in the late 70's and early 80's, automation for consumer finance companies was still new and primarily available to large finance companies, or through service bureaus owned by these large companies.

During the products initial development, a comprehensive analysis of the requirements was established. These requirements took into consideration not only what was needed to replace what customers were using at the time, but also what was available from competitive service bureaus. An important aspect of this analysis was a complete understanding of the customers business and where data processing would automate and improve existing methods. There was also a review of possible future needs. Additional foresight was given to the rapidly expanding capabilities of non-mainframe hardware platforms.

The resulting Loan Manager product, in its original version, was designed to provide processing for multiple products, users, offices and states and, looking to the future, was capable of ledger cardless processing. The system also included many table options that allowed customers to pick and choose what they wished to use on a product, branch, or state level. These key features allowed ParaData to provide a flexible system that could be used by a variety of consumer loan companies offering many product types. This approach allows ParaData to have a single set of programs that can be used by all customers, regardless of size, state or types of products offered.

Over the years, ParaData has made numerous enhancements to the system. Among these enhancements are changes in loan processing to include revolving accounts, notes and thrift, non-monthly payment accounts, automated collector queuing, online loan applications and report writers, not to mention the programming to accommodate laws for 38 states. The current system can process all consumer loan types, including mortgages, small loans, sales finance/dealer loans, automobile loans and insurance premium loans.

ParaData is also designated as an IBM® Business Partner, having met the rigorous software integrity and quality requirements that IBM® places upon a company. ParaData currently provides its system using SCO OpenServer Servers or the IBM® pSeries Systems.

In April 1993, World Acceptance Corporation acquired ParaData. While it owns ParaData and uses the Loan Manager in its offices, World is treated like a customer so that ParaData may maintain its independence and ensure the confidentiality of its current prospective customers. The reputation and stability of World, both as a customer and a parent company has helped ParaData grow.

ParaData currently has over 110 customers with more than 1000 locations in 40 states. These customers include companies like World offering small consumer loans, large public consumer and automobile finance companies, mortgage loan and broker companies, automobile dealerships with their own finance companies, mobile home finance companies, and even commercial finance. Many customers have only one office and started denovo with the system. The largest customer, besides World, has over 200 offices. Some multi-office customers have PC in each office with nightly consolidation. Others run their branches online, with a central processor and branches accessing through networks designed by ParaData.

ParaData currently has two locations. The Saint Louis, MO office has marketing, customer support and administration. The Farmington Hills, MI office has software development and programming, documentation, quality control and software testing.

As in any organization, ParaData's employees are the most important part of its success. All of our employees are dedicated to providing a quality product with quality support. All support personnel have had consumer lending experience. ParaData enjoys a reputation of having an excellent product with the best support in the industry.

This Page And All Contents © Copyright 1999-2006, ParaData Financial Systems
For further information please contact marketing@paradatafinancial.com

ParaData Financial Systems
640 Cepi Drive, Suite B
Chesterfield, Missouri 63005
Telephone: (636) 530-4545
Fax No: (636) 530-4544


A Digital Endeavors Website