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Upgrade brings three lenders onto latest hosted solution for system
credit and funding
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Deployment to expedite decisioning and lead to higher customer
satisfaction
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced that World Omni Financial Corp. (World
Omni), a provider of financial products and services to automotive
dealers, consumers and lenders, has deployed the Automotive Loan
Origination System (Auto LOS) from Fiserv for its retail installment
contract and lease origination technology needs.
With Auto LOS from Fiserv, World Omni will be able to automate the
entire credit and funding process from electronic application capture
through efficient credit decisioning, funding verification, contract
package validation and boarding to any auto servicing system.
Working with Fiserv, World Omni successfully migrated portfolios for
Southeast Toyota Finance and Volvo Car Financial Services, among others,
into Auto LOS version 5.0 over a 21-month period. Credit applications
now flow seamlessly from automotive dealers' credit management systems
into Auto LOS.
"Our effective relationships with a diverse set of suppliers have
allowed us to enhance our products, foster new and innovative ideas and
identify ways to improve business practices," said Mike Tiufekchiev,
Group Vice President, Originations, World Omni. "Over the last two
years, Fiserv has proved to be a great partner. Their commitment,
support and training ensured a successful transition from an earlier
version of Auto LOS."
Auto LOS increases productivity and lowers costs through streamlined
loan decisioning and funding. A configurable embedded rules engine
empowers lenders to price credit at the deal level, assures a fast and
efficient origination process and improves a lender's relationship
position with its dealers. World Omni also uses Biller Solutions from
Fiserv to offer its customers a wide range of invoice delivery and
payment choices, and improve the efficiency of payment processing.
"The combined Credit and Funding modules of Auto LOS deployed by World
Omni will significantly enhance its loan origination and credit
processing capabilities, both qualitatively and quantitatively," said
Kevin Collins, president, Lending Solutions, Fiserv. "Forward-thinking
companies like World Omni are leveraging technology not only to automate
and integrate the various processes in the loan origination and
servicing lifecycle, but also to be in the best possible position to
benefit from the ongoing growth in the retail car market in the U.S."
Automotive Loan Origination System from Fiserv is a comprehensive
end-to-end solution for every step of the lending process. The Fiserv
technology gives lenders tools that help them understand and view their
entire lending portfolio more holistically, enabling them to make more
informed decisions.
Additional Resources:
About World Omni Financial Corp.
World
Omni Financial Corp., headquartered in Deerfield Beach, Fla.,
provides financial products and services to automotive dealers,
consumers and lenders. Since 2004, World Omni has maintained its
Standard & Poor's STRONG rating, the highest rating possible for a
consumer finance, automobile loan and lease servicer. Its primary
businesses include Southeast
Toyota Finance, offering automotive financial products to Toyota
dealerships supplied by Southeast Toyota Distributors; CenterOne
Financial Services, a provider of portfolio services designed to
improve the performance of client portfolios; DataScan
Technologies, a global provider of wholesale floorplan accounting
and risk management systems; and DataScan
Field Services, one of the largest floorplan inventory verification
and vehicle inspection companies in the industry. World Omni is a
subsidiary of JM
Family Enterprises, Inc., a diversified automotive corporation
ranked No. 27 on Forbes' list of "America's Largest Private Companies."
JM Family is also ranked No. 37 by FORTUNE® as one of the
"100 Best Companies to Work For," its 16th consecutive year
on the list.
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:
Karissa Bursch
Public Relations
Specialist
Fiserv, Inc.
678-375-4603
karissa.bursch@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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