BIRMINGHAM, Ala., Dec. 3, 2018 /PRNewswire-PRWeb/ -- NXTsoft, LLC, (http://www.nxtsoft.com) a company focused on delivering risk management solutions in the areas of cybersecurity, compliance and risk analytics, announced today that it has acquired Memphis-based Echo Partners (http://www.echopartners.com) to augment its risk analytics division.
With the addition of the Echo Partners' solutions under the NXTsoft umbrella, NXTsoft will now offer deposit profitability analytics, interest rate risk consulting and a deposit studies solution that all serve to simplify complicated financial calculations and processes to help community financial institutions level the playing field and better compete with large financial institutions.
Howard Lothrop, the founder of Echo Partners will be joining the NXTsoft management team. Lothrop has over 30 years of financial risk management experience, primarily serving the banking industry. Prior to starting Echo Partners, he spent 15 years as senior vice president at a large regional bank, and had financial leadership roles in one of the largest municipalities in the Southeast, as well as Fortune 500 corporate treasury experience. Howard has extensive experience advising clients on deposit management, hedging and financial matters, risk management, asset liability management, performance improvement and strategic planning.
"NXTsoft is continuing to build out its risk analytics offering and Echo Partners offers an impressive set of solutions that take complicated concepts and simplify them, providing results accurately calculated, fully documented and clearly explained," said David Brasfield, CEO of NXTsoft. "Howard's depth and breadth of experience in this sector will be extremely beneficial as we continue to develop new risk analytics solutions," he said.
Lothrop, who has a degree in economics from The Wharton School, is working with the NXTsoft team to develop a CECL solution that the company plans to launch later this month. CECL will require banks to use loss estimates to reflect losses as of the inception of the loan, therefore changing the timing, but not the amount of overall credit losses. For financial institutions, the big operational change involves gathering/analyzing substantial amounts of historical loss data to predict future loss experience, augmenting their limited data with peer experience, and organizing/documenting other qualitative inputs. NXTsoft's CECL solution simplifies this process for financial institutions.
About NXTsoft
NXTsoft delivers risk management solutions to the marketplace focused in the areas cybersecurity, compliance and risk analytics. Divisions under the NXTsoft umbrella that focus on delivering solutions to financial institutions include FIMAC Solutions, a division that delivers risk analytics solutions and Springhouse Compliance, a division that delivers compliance and auditing solutions. Also under the NXTsoft umbrella is ThreatAdvice, a division that delivers cybersecurity education, awareness and intelligence solutions to organizations of all sizes and types. For more information visit http://www.nxtsoft.com or call 1-800-915-3381.
SOURCE NXTsoft, LLC
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