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TD Banknorth Expands eLynx Services Into Consumer Lending Division
July 25, 2005
Top 30 commercial bank implements WPS electronic delivery solution, providing customers with benefits of superior lending process
Cincinnati-based eLynx Ltd., a leading provider of electronic document solutions for the financial services industry, announced that Portland, Maine-based TD Banknorth Inc. has expanded eLynx’ Web Posting Service (WPS) to provide enhanced electronic document delivery for its Consumer Lending Division.
TD Banknorth one of the nation’s top 30 commercial banks, provides consumers with mortgage, auto and personal loan solutions throughout six Northeastern states. An eLynx customer since March 2004, the bank made the decision to expand eLynx services into its Consumer Loan Division in January. Implementation took only five weeks.
“eLynx WPS has visibly enhanced the loan process for our customers by improving the speed, convenience, cost-savings and security of every document transaction, without adversely affecting the way we conduct day-to-day business,” said John Giard, SVP, Consumer Administration Manager for TD Banknorth. “Because eLynx dramatically improved the loan process for our mortgage division, applying its services to our Consumer Lending Division was only logical. We already see the benefits of eLynx electronic delivery solutions with our automotive, HELOC and personal loan offerings. eLynx is one more way we provide superior service to our customers.”
eLynx WPS is universally compatible with any document origination application, operating on any platform, from character-based legacy systems to WindowsÒ-based desktops. WPS can streamline the closing process by ensuring a secure and quick delivery of loan documents while reducing cost per transaction.
“TD Banknorth has demonstrated its willingness to invest in solutions that improve business processes and recognize and apply the most effective practices wherever appropriate in order to maximize the benefits for everyone,” said Phil Huff, president and CEO of eLynx, Ltd.
About TD Banknorth Inc.
TD Banknorth Inc. is a leading banking and financial services company headquartered in Portland, Maine and a majority-owned subsidiary of TD Bank Financial Group. At March 31, 2005, TD Banknorth had $32.1 billion of total consolidated assets and provided financial services to over 1.3 million households in the Northeast. TD Banknorth's banking subsidiary, TD Banknorth, N.A., operates banking divisions in Maine, New Hampshire, Massachusetts, Connecticut, Vermont and upstate New York.
TD Banknorth and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking and other financial services and offer investment products in association with PrimeVest Financial Services, Inc. The TD Banknorth common stock trades on the New York Stock Exchange under the symbol "BNK". For more information, visit http://www.tdbanknorth.com.
About eLynx
Cincinnati-based eLynx Ltd. provides the financial services industry with all the tools needed for electronic delivery, approval and signing of documents. eLynx provides effective and customized solutions to deliver streamlined data and document delivery processes that fully integrate with a company’s existing business systems. The company delivers technology that transforms costly paper-intensive processes into secure electronic transactions that save users both money and time. Today, eLynx customers account for more than 30 percent of all mortgage originations. For more information about eLynx, visit the company’s Web site at www.elynx.com.
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