EL SEGUNDO, Calif. and MILWAUKEE – National Payment Network's CustomPay, a new loan acceleration program for the automotive industry, features a unique configuration of Metavente Corporation payment solutions.
NPN is a provider of loan acceleration programs to the automotive industry, and Metavante delivers banking and payments technologies to financial services firms and businesses.
CustomPay is a program designed to help borrowers customize the timing of auto loan payments, accelerate loan payoffs and help build equity faster, deploys a dynamic financial engine composed of multiple Metavante payment components. Through its use of Metavante prepaid, automated clearing house (ACH) and online bill payment solutions, CustomPay differentiates itself from other loan acceleration programs and delivers added value for dealers, distribution partners and consumers.
The model for many loan acceleration programs includes trust accounts, which are typically owned by the administrator and co-mingle consumer funds. CustomPay uses Metavante ACH, online bill payment solutions and prepaid debit accounts, which are unique to each individual customer. This enables consumer funds to be held individually as opposed to co-mingled. The direct benefits of this model include increased payment accuracy, consumer satisfaction and consumer funds protection.
Additionally, CustomPay’s advanced reporting updates data in real-time, allowing dealers and partners to more efficiently track transaction histories and view projected commissions.
"As Metavante has grown its payments capabilities, we've focused on identifying opportunities to apply our payments expertise, integrate solutions across traditional payment verticals, and create new ePayments in untapped markets," said Jeff Lewis, division president of Metavante ePayment Solutions. "National Payment Network wanted to build a new customizable, biweekly
loan acceleration program for automotive dealerships and Metavante was able to provide the payments components, which in a display of Metavante's integration capabilities, we tied
together in a distinct configuration."
"The emergence of CustomPay, supported by Metavante technology, signals the next wave of technological advancement in the loan acceleration environment," said Andrew Typrin, cofounder
and chief operating officer of National Payment Network. "We will continue to advance the future of the automotive loan payments by enabling dealers to manage financial transactions in a flexible, convenient and secure manner."