Brookfield, Wis. — Fiserv Inc., a provider of information technology services to the financial industry, announced that its Fiserv Loan Servicing Platform can now manage indirect and other third-party loans. This single-platform capability broadens the full spectrum of loans to be processed and provides online, real-time back-office transactions for diverse portfolios.
The Fiserv Loan Servicing Platform is designed to manage all current types of indirect financing, including same-as-cash and staged funding loans that manufacturers, distributors and retailers can offer to borrowers. The platform enables all financing products to be boarded and serviced quickly and efficiently and manages all of the unique disbursement, collections and reporting requirements.
“Now, just because you offer your customer multiple loan types, doesn’t mean that you have to have multiple servicing systems,” said Thomas Gorman, president, Fiserv Loan Servicing Products. “The Fiserv Loan Servicing Platform provides all the functionality needed to service all retail loans, plus the scalability and flexibility to grow as new lending products are added.”
Within this single system environment for indirect and third-party financing, the platform is capable of assisting a customer in streamlining servicing operations, improving customer service; reducing the manual tasks required with fee processing, improving the collection process and enhancing client data management, analysis and reporting. The platform also allows greater information exchange through totally customizable dealer statements using dealer data files.
“Indirect lending was once considered the domain of auto dealerships but most national retailers and a growing number of local contractors now offer financing to their customers,” said Gorman. “The Fiserv servicing platform allows banks to further their lending relationships with this specialized breed of customers. We anticipate growth in this sector, and have taken the steps necessary to ensure these loans can be managed efficiently.”