Software firm SitusAMC reports that its warehouse lending system, ProMerit, is now accessible through a cloud-hosted, software-as-a-service (SaaS) platform.
The new functionality significantly enhances client security, eliminates the need for internal system updates and ensures all new functions and integrations are available immediately, the company says in a release.
“Our updated ProMerit technology platform represents a highly secure and compliant solution, created and managed by experts who truly understand the ins and outs of our product,” says Rich Berg, senior director of warehouse and custodial technology for SitusAMC. “For warehouse lenders mired in on-premise solutions, SaaS is a beacon of modernization, relieving them of cumbersome infrastructure costs, audits and updates. Data security is of paramount importance to us and our clients.”
The Soc-2-compliant ProMerit solution has been fortified with core features essential for warehouse lenders’ efficiency, data security and overall success. The cloud-hosted environment supports multi-factor authentication (MFA) and Security Assertion Markup Language (SAML) compatibility while integrating seamlessly with Okta for authentication. It is optimized to work efficiently with Amazon RDS and Elastic Beanstalk for scalable infrastructure costs.
ProMerit’s SaaS platform installs monthly release packages to quickly and efficiently deliver bug fixes and functional enhancements. This over-the-air delivery reduces costs and minimizes reliance on internal resources to take ProMerit offline, install updates and restart the platform. Recent enhancements include:
The introduction of generic API endpoints for all searches, tasks and extracts within the application. This enables seamlessly integration with third-party and internal services, such as corporate finance and accounting, as well as wire disbursement and pricing engines. With generic API, lenders have the capability to re-engineer existing integrations for a more sustainable and cost-effective setup.
The addition of e-note/EV compatibility that allows for generic integration with primary e-vault providers and support for standard e-note workflows, including e-delivery reconciliation, transfer of control and transfer of location. With this feature, lenders can easily track e-vault locations, organization IDs and MERS registration status. The e-note/EV compatibility feature also enables lenders to verify interest, release interest and confirm secured party designation with MERS.
Photo: JJ Ying