Online account opening pioneer Andera Inc. of Providence, R.I.,has purchased oFlows Inc., a San Francisco-based provider ofpaperless origination solutions for credit unions and banks.

“The combination will improve Andera's customer experience andprovide a technology upgrade; it will also increase Andera'sefficiency when implementing and maintaining client websites,”Andera said in a statement.

Charlie Kroll, Andera founder and CEO, said, “Financialinstitutions can work with a single provider to originate allproducts in all channels—mobile, Web, call center and branch.Having one platform and one vendor simplifies life for ourclients—and provides a better experience for their customers andmembers.”

Both companies are privately held and no terms were announced.oFlows CEO Scott Pitts is now chief product officer for Andera, thecompany said.

Andera, one of the first to offer online account opening, has grown from two clients in 2004 tomore than 500 credit union and bank customers as it expanded itsservices to include marketing, anti-fraud and compliance solutions.

The company's headquarters will remain in Providence and its NewYork office will be expanded, Kroll said, and the San Franciscooffices of oFlow will serve as Andera's office there. The oFlowbrand also will be retained as a product or platform, the companysaid.

oFlows' products, which include iPad and other mobileapplications for paperless origination of credit card, auto andother loans, have won industry awards that include “best of show”honors at Finovate conferences, the company said.