14 Oct Celtic Bank Successfully Converts to Radar Enterprise Software
Burlingame, CA – March 18, 2014 –
Celtic Bank Corporation, a leading provider of asset-based loans and factoring services, and ABLSoft, Inc., a leading provider of 100% Web asset-based lending software, announces the successful completion of a system conversion of Celtic Bank’s asset based lending loan portfolio into ABLSoft’s Radar Enterprise software.
Celtic Bank’s ABL division had been running a legacy system for over 7 years. The company felt the system lacked some core features it needed to operate more efficiently and to compete for new deals. Clients were demanding a more robust, modern system that had a user friendly Web portal. According to Daniel Godfrey, Senior Vice President of Asset-based Lending, “With the Radar software, we now get automated AR and ineligibles processing, financial spreading capability, enhanced risk management, and AR detailing for our factoring portfolio and higher risk ABL transactions.
ABLSoft’s customer service and support team have also been tremendous at fixing and adapting the system to what we need it to do.”Celtic Bank’s ABL division has been able to achieve roughly 25% improvement in processing efficiencies. Their clients are satisfied that they can review their availability, check images and make advances all online.“We are delighted that Celtic Bank’s ABL division has selected the Radar software.” said Joseph Rosario, President and CEO of ABLSoft, Inc. “Celtic Bank now has a lending solution that scales to their business growth and is tailored to both their asset-based lending and AR /invoice detailing needs.”
About Celtic Bank
Headquartered in Salt Lake City, Utah, Celtic Bank was named the 6th largest SBA lender in the nation for FY 2013. Celtic Bank is a nationwide lender and leading provider of USDA loans, SBA 7(a) and 504 loans, Celtic Express loans, asset-based and factoring loans, and residential/commercial real estate and construction loans.
With well over a decade of investment in scalable Web-based financial solutions, ABLSoft’s Radar software offers a new generation of commercial lending software for banks, asset-based lenders and factors. ABLSoft’s 100% Web asset-based lending software offers a state-of-the art and user friendly environment for collateral monitoring, invoice detailing, and risk management.