Bank Papan turns to Lotus tracking system

JAKARTA (JP): Lotus Development, a leading international computer software company, has developed a communications system for Bank Papan to process housing loan applications as well as communicate with its customers through the Internet.

The product, known as the Visionary Loan Origination System (VLOSity), was jointly announced by Lotus Development president Jeff Papows and Bank Papan President Al Njoo at Dharmawangsa Hotel yesterday.

Bank Papan, a unit of the privately-owned Tirtamas Group of businessman Hashim Djojohadikusumo, specializes in home ownership loans.

"Bank Papan's VLOSity system cuts loan approval time from days to hours, and makes the mortgage approval process much more efficient and friendly for the bank," said Papows, who flew in to Jakarta for the day for the occasion.

Al Njoo said the Lotus system would benefit both bank's customers and employees. "We recognize that to be successful in this age of the Internet, we need to transform quickly into a true knowledge-based learning organization."

Lotus Development, a subsidiary of IBM Corporation, counts on the patronage of Bank Indonesia, the central bank, and some of the world's giant financial services company including ABN/AMRO Bank, Merrill Lynch, Bank of America, Citibank and Deutsche Bank, according to the Tirtamas Group. (emb)