MCLEAN, VA--(Marketwired - Jun 23, 2014) - Primatics Financial , a leader in integrated loan accounting and credit risk solutions, today announced a partnership with Fiserv Inc. , a global provider of financial services technology. Fiserv Inc. and Primatics Financial, who were both ranked in FinTech's Top 100 , have entered into a joint engineering and services partnership to provide financial institutions secure, Software as a Service (SaaS) solutions for comprehensive loan accounting support for banks doing acquisitions. The Primatics Evolv Suite is the only web-based solution that supports the entire acquisition lifecycle, from the initial bid process and valuation through the close and then ongoing processing, reporting and business intelligence.
"In today's continually changing and fast moving regulatory and accounting environment, financial institutions need proven software solutions to comply with the complex regulatory landscape governing M&A and other complex accounting and valuation issues," explained Eric Wazorko, Vice President of Alliances at Primatics.
Banks face significant challenges around loan portfolio acquisitions, from calculating the initial Day 1 valuation to performing monthly accounting and valuation on an ongoing basis. These challenges are made more complex due to data challenges from various systems. Through the integration with Fiserv, Primatics streamlines the difficult data flow process associated with M&A transactions while improving data quality and efficiency within the ongoing monthly accounting process. This partnership will allow Fiserv to deliver an integrated and flexible solution for its customers in need of robust M&A loan accounting support and processing capabilities.
"Fiserv partners with best-in-class vendors to deliver best-of-breed solutions and services to its customers," said Primatics CEO, Kevin Hesselbirg. "We are pleased to have been selected by Fiserv as their partner of choice given our wealth of experience in M&A loan accounting, having accounted for more than $500 billion in acquired loans across more than 50 banks, including 11 of the 25 largest banks in North America. Our combined goal is to continue to enhance our existing offerings and contribute to the long-term success of our joint customers."
About Fiserv
This year, Fiserv Inc. (
About Primatics Financial
Primatics is the leading provider of financial services solutions that enable financial institutions to better process, model and analyze loan portfolios, comply with accounting and regulatory requirements and grow their businesses. Through its enterprise-grade software solution and proven business analysis services driven by strong domain expertise, Primatics delivers timely, scalable, automated and controlled results in today's changing market and regulatory environment. Primatics is headquartered in McLean, Virginia, USA. For more information, please visit: www.primaticsfinancial.com
