Bank Papan turns to Lotus tracking system

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)