HSBC Bank Canada automates loans process with Covarity tool

Kitchener, Ont.-based commercial loan management software provider Covarity Inc. announced Thursday a partnership with HSBC Bank Canada to automate the set-up and ongoing management of margin-based commercial loans.

The hosted system, to be deployed in the fall of 2008, will replace traditionally labour-intensive manual processes. Post-deployment, the bank should be able to augment risk management controls and ensure compliance by automating the collection and management of key loan documents.