To: DELT1970 who wrote (2643 ) 8/22/1999 10:54:00 AM From: Jeffrey L. Henken Read Replies (1) | Respond to of 2662
Additional information on AFFI - Nasdaq 1 7/16: Affinity Technology Group, Inc. is a Columbia, South Carolina-based company that develops and markets decisioning software for financial institutions. The company's initial product was an uncollateralized, signature loan delivered over an ATM-like kiosk called an Automated Loan Machine (ALM). The company's product line has expanded to include a variety of additional banking products that require credit approval and/or delivery of information and documents to the customer. To date, the company has announced three large contracts. The first agreement is with Dime Savings Bank of New York. Dime is using Affinity's Decisys/RT decisioning system and its e-XpertLender support system for all of its consumer lending. Dime has installed a number of ALMs and is in the process of putting the software in its existing call center. The agreement with Citicorp calls for the use of Affinity's products in the company's indirect automobile lending business. This is to be implemented over the first half of next year. The company has also completed sales to smaller banks, credit unions and thrifts in the past year. The third contract is between American Management Systems, Inc. (Nasdaq: AMSY) and decisioning.com, Inc., a subsidiary of Affinity Technology Group, Inc. American Management Systems is First to License Patented Internet Lending Technology From Affinity Technology Group. Affinity said that decisioning.com expects to receive at least $1 million in licensing fees under the AMS agreement during the next 18 months. Additional agreements can be expected to be announced. This is especially true now that the company's technology has received a second patent. Both Affinity patents cover systems for fully automated processing of loan applications entered by applicants via the Internet and from other remote devices such as Affinity's Automated Loan Machines. Affinity's technology enables financial institutions to link their branches, call centers, Internet customers and indirect agents electronically to their credit departments, providing fully automated lending - and, if necessary, connectivity to a loan officer - through every channel. For financial institutions, Affinity's services expedite loan decisioning and processing and increase productivity and capacity of branch personnel, call center agents, loan officers, and indirect agents, while improving the overall customer experience. Affinity is located on the World Wide Web at www.affi.net. Insider ownership at Affinity is extremely very high. Information in this post was derived from several sources including an analyst report by Morgan Keegan, press releases, and posts found at Yahoo. I am of course very long on AFFI. Please do your own due diligence. Thanks, Jeff