- Computer Services, Inc. (CSI) has acquired banking software firm Hawthorn River to strengthen its loan origination capabilities.
- The acquisition will add Hawthorn River’s single-platform loan origination system designed for community banks to CSI’s existing functionalities such as core processing, digital banking, payments, fraud and compliance, and cybersecurity.
CSI, a provider of end-to-end banking solutions, aims to bolster technologies that help solve community banks’ significant issues and enable them to compete and scale. The acquisition of Hawthorn River is a step forward in addressing these needs. Hawthorn River’s platform facilitates the management of all loan types within one platform, allowing community banks to handle loans for both consumer and commercial accounts. This acquisition strengthens the existing technical integration established over a successful commercial partnership between the two firms.
With this acquisition, CSI plans to deliver single-point loan origination solutions to non-CSI community banks through strategic channel partnerships and application programming interface (API) integrations with other technology and service providers. Jon Rigsby, the co-founder of Hawthorn River, expressed his optimism about the partnership stating it will allow a broader reach of their loan origination technology to more community banks.
CSI is known for its consistent partnerships aimed at providing advanced services to its customers. In a recent development in October, CSI collaborated with treasury management FinTech firm Dragonfly Financial Technologies. This collaboration intended to offer enterprise-level business banking solutions, including facilitating over 20 types of automated clearing house (ACH) transactions, positive pay and reverse positive pay services, sweep accounts, and expanded domestic and international wire functionalities.
Moreover, in March, CSI partnered with Hawk:AI to incorporate their anti-money laundering (AML) and fraud prevention technology in their latest suite of FinTech and RegTech products. This partnership aimed to help firms reduce human errors and decrease the amount of time employees spend on manual fraud detection and anti-money laundering measures.
