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eContracting capabilities within Auto LOS from Fiserv enable big
efficiency gains for automotive credit and funding
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Helps more than 1,300 Toyota, Lexus and Scion dealerships across the
U.S. focus on closing deals, not paperwork
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that Toyota Financial Services
(TFS) has successfully used its Automotive Loan Origination System (LOS)
to implement electronic contracting (eContracting), allowing dealerships
to begin to phase out paper contracts, increase accuracy and improve
efficiency during the loan credit and funding process. TFS provides
retail and wholesale financing, retail leasing, vehicle protection plans
and other financial services to more than 1,300 authorized Toyota, Lexus
and Scion dealers in the U.S.
eContracting provides for the electronic transfer and control of
contract ownership. At each participating Toyota, Lexus and Scion
dealership, Auto LOS from Fiserv executes lender-configured business
rules against the specific contract data, processes the data and
automatically sends the validated contract back to the dealer for the
customer's electronic signature. This process is simple, timely and
efficient - while helping to reduce contract errors.
"The benefits of an eContracting program were immediately apparent,"
said Pete Carey, VP of Sales at Toyota Financial Services. "Originally,
TFS had a goal of 30 percent eContracting utilization by end of 2013. As
our field embraced the practice we increased the goal to 50 percent. We
finished the year at a remarkable 56 percent utilization. eContracting
is truly empowering our dealers to take advantage of new technology and
make strides in digital lending."
Using Auto LOS, dealers are able to realize next-day funding with
eContracts. With auto-population of contract data, automated contract
validation, integrated status messaging and expedited dealer plan
disbursements, Toyota Financial Services is able to process contracts
with fewer errors, allowing existing staff to book a greater number of
new car deals.
"Auto lenders have realized the importance of transitioning to
paper-free processes, and Toyota Financial Services has taken a
prominent role in the adoption of eContracting," said Kevin Collins,
president, Lending Solutions, Fiserv. "eContracting can greatly reduce
the time needed to approve and fund loans, which in turn improves dealer
satisfaction. The capabilities of Auto LOS provide Toyota with a strong
competitive advantage and financial edge."
The Automotive Loan Origination System from Fiserv is a comprehensive
end-to-end solution for automotive loan origination, from electronic
application capture through efficient credit processing, funding
verification, validation and booking of new loans and leases. The system
assures a fast and efficient origination process, enforces compliance,
mitigates risk and promotes profitable growth by lowering processing
costs without sacrificing quality for quantity.
Additional Resources
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry, driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
FISV-G
Media Relations:
Wade Coleman
Director, Public
Relations
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com
or
Additional
Contact:
Karissa Bursch
Public Relations Specialist
Fiserv,
Inc.
678-375-4603
karissa.bursch@fiserv.com
Source: Fiserv, Inc.
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