Fiserv, a provider of financial services technology solutions, has enhanced efficiency and information exchange in its Automotive Loan Origination System (LOS).
Fiserv said that the system’s component-based/web-based open architecture, business rules management and integration with existing technology provide automotive lenders with the flexibility to meet variable technology and market requirements.
The Automotive LOS incorporates business rules that give automotive lenders greater control of information needed to run their businesses more effectively. All of the data required to automate decision-making, streamline workflows, and assure policy enforcement is located entirely within the system, rather than on multiple servers.
The system facilitates efficient processing of LOS data both within the Automotive LOS and in transactions to external business systems and services. By utilizing a service-oriented architecture, function-specific components can be created and implemented without impact to other areas of the system.
Pete Radike, product manager for LOS at Fiserv, said: Because the industry is changing so rapidly, auto origination technology must reflect constant innovation, as well as rapid incorporation of automated best practices.
Fiserv developed its ‘next-generation’ auto origination platform so that our customers could not only compete, but thrive, in a substantially different automotive market. We have created our Auto LOS with powerful tools to mitigate credit portfolio risk and to respond dynamically to changes in the lending landscape.