Federal Home Loan Bank of Dallas selects EVOLV to implement CECL and automate mortgage loan accounting
WINDSOR, Conn., Feb. 27, 2019 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (SSNC), today announced that Federal Home Loan Bank of Dallas ('FHLB Dallas') has signed a multi-year agreement to use SS&C Primatics' EVOLV platform.
EVOLV will allow FHLB Dallas to automate mortgage loan accounting processes and facilitate reserving under the Current Expected Credit Loss (CECL) accounting standard within a controlled environment. The new standard represents the most sweeping change to bank accounting in many years.
"When we began our search for new technology, we needed a single platform to seamlessly integrate accounting and credit risk processes. After considering several vendors, we chose EVOLV because the product's functionality and ease of integration best addressed our needs," said Tom Lewis, FHLB Dallas' Chief Financial Officer. "Our decision to go with SS&C Primatics provides us with the opportunity to automate some everyday job functions and enhance our processes to further enable our member-driven, community-focused mission."
"The Federal Home Loan Banks have been a fundamental part of the country's financial system for the last 85 years. We are proud to partner with FHLB Dallas and support critical risk and accounting business processes using EVOLV," said Kwang Sin, Senior Vice President and General Manager, SS&C Primatics. "FHLB Dallas joins an impressive list of financial institutions that have chosen EVOLV to cut the time spent on operational tasks and controls, while increasing the capacity for analytics."
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 13,000 financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
About the Federal Home Loan Bank of Dallas
FHLB Dallas, with total assets of $73.7 billion as of September 30, 2018, serves approximately 825 members and associated institutions across its five-state District of Arkansas, Louisiana, Mississippi, New Mexico and Texas. FHLB Dallas provides financial products and services including advances (loans to members) and grant programs for affordable housing and economic development.
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