BlueSky

Description and Need
The only commercial lending platform "BlueSky" provides an enterprise solution for all parties involved in the commercial lending process for community banks. All parties can enter information in a decentralized manner and information is stored in a secured centralized location thus leveraging the bank's existing manual work flow processes and documentation. The system prompts each party, when necessary, to act in a particular role in the process. Loans are not approved during the application process or at any level without proper approvals designed by the bank including current controls, compliance and regulations. Commflo Cloud BlueSky is the only solution that handles the entire commercial lending process online. The current environment for processing commercial loans by community banks is manual, cumbersome and inefficient - inhibiting optimal revenue growth and incurring unnecessary costs due to time lags built into a system as well as inefficient use of personnel time. Additionally, paper trails are difficult to manage and the communication systems in place create barriers to processing loans.

Security
Our system has been built with numerous security layers in order to protect our customers’ information. These layers include commercial-grade data SSL encryption for the transfer of data, physical separation of customer data, and multiple network firewalls to prevent hacker intrusions. The application code was built with automated security verifications, and then peer-reviewed for possible security issues. Additionally, with the built in application controls, data audit trail, application permission levels and security, the exposure to fraud is minimized and in fact the system has been designed to prevent it. There is very little risk to the bank because this is an internal loan application process that gathers the information electronically and stores and archives the loans for future reference in a secure, centralized location. Each banks system data is backed up multiple times per day and there is minimal risk associated with the loss of data. Access into the system requires username and password authentication by each user at the bank for authorized bank approval. Amazon Web Services hosts the BlueSky platform and is compliant with Sarbanes Oxley regulations, as well as SAS70 Type II certifications. Commflo’s technology, Commflo Cloud BlueSky is certified by Microsoft Corporation, software – Test ID Co0907124773.

Features and Benefits
BlueSky allows all parties to track the progress of the loan, uploading financial data, performing credit analysis, approvals, 3rd party services, document preparation, and closings. All documents can be prepared, signed, attached and uploaded to each specific loan online. Blue Sky advanced document management and imaging abilities provide a scalable, evolutionary capability for banks as they face the inevitable need to go paperless. Approval levels within the workflow can be established exactly where the bank requires them. The pages viewed and the actions a user may perform are governed by the role set in the system. For example, loan officers could be given permission, to access a certain area of the workflow and credit managers another at a higher level. Once a loan request is initiated all parties are notified per the bank's setup. Based upon the banks permission levels, any or all parties can sign in to BlueSky and perform assigned tasks and check the loan status of each workflow event. There will be no need for scanning the documents because the system retains documents electronically in the original format as in Microsoft Word, Microsoft Excel, Adobe .PDF or any format the bank requires (such as photos for 3rd party vendor).

Target Group Affected
BlueSky has targeted community banks that want to improve and manage their commercial portfolio of loans, from initial request, through closing, more productively, efficiently, and accurately, and utilizing a secure, comprehensive, automated audit trail.

Revenue Impact
BlueSky's advanced technology provides a secure scalable platform covering all potential volumes of lending. BlueSky increases efficiencies through time savings, work production levels (high and low), efficient record keeping, and elimination of redundancy. BlueSky is a shared cost subscription model with unlimited live phone support and on-site training. BlueSky carries a onetime license fee for bank implementation, training and a minimal fee of a per transaction passed on to the borrower.

Customer Impact
Not only does the system positively impact customer relations with the borrower, by allowing immediate updates on the status of the loan, instant communications and expediting completion of the process more efficiently. It also enhances relationships with every party involved in the process both internally and externally, including outside vendors.

Service Provider Due Diligence
The solution was designed by Jay Kiley, founder of Commflo Corporation, and Microsoft developers. The current production version has been enhanced by AgileThought Inc., a Microsoft Certified Gold Partner specializing in custom software development, and Jay Kiley, Founder. AgileThought, Inc. has been a growing business since 2004, and has received local and national recognition for growth and business performance, including the Inc. Magazine 500 list. The Commflo Corporation is governed by a Board of Directors. Amazon Web Services (Amazon EC2 Functionality) hosts the BlueSky platform and is compliant with Sarbanes Oxley regulations, as well as SAS70 Type II certifications and compliance. Commflo Cloud BlueSky is a Microsoft Certified Technology Solution. Certifications available upon request.

Policies and Procedures
AgileThought Inc., as the Microsoft Development Team and manager of Commflo code base, transactions and security, maintains sufficient, required Policies and Procedures to satisfy all regulations and requirements. These policies and procedures maintain an extremely high-level of traceability and auditability of the source code. Access to the code base and production servers are limited to a small number of AgileThought, Inc. employees.

Training Issues
Commflo will provide unlimited live phone support and physical on-site training within the bank.

Compliance and Regulatory Risk
The commercial lending solution is an automation tool that is replacing the manual effort and is designed around how community banks manage the commercial loan process. Additional regulatory compliance or other compliance is not required.

Training Issues
Commflo will provide unlimited live phone support and physical on-site training within the bank.

Credit Risk
None

Insurance Risk
Nominal

Interest Rate Risk
None

Legal/Litigation Risk
Nominal

Liquidity Risk
None

Market (Price) Risk
No negative impact

Operational (Transactional) Risk
Minimal

Reputation Risk
Enhance the bank’s position as a technology provider and leader in the market.

Strategic Risk
Maintains the focus on efficient growth and development through technology.