KING OF PRUSSIA, Pa. — Sagent Lending Technologies announced it has teamed with Experian to integrate the company’s fraud and identity solution, Precise ID, into Auto LOS, Sagent’s auto loan original system.
Executives said finance sources using Sagent’s platform will now be able to streamline the identity verification process, more accurately detect fraudulent behavior, approve more loans, and create an improved borrower experience, all while making quicker loan and lease decisions at scale.
“Sagent’s commitment to delivering agile, compliant, scalable, and configurable solutions to lenders has been further strengthened through the integration of Experian’s Precise ID. Our growing suite of alternative data integrations protects lenders from fraud while streamlining the entire loan or lease process for lenders, dealers, and borrowers,” said Sagent CPO Charles Sutherland.
Experian’s Precise ID, a component of its CrossCore platform, was designed to empower banks and finance companies to use more passive authentication measures and a multilayered approach to manage fraud risk across the entire customer lifecycle. The solution enables them to analyze first- and third-party fraud information and identify any inconsistencies that could indicate fraudulent behavior during the application process.
Additionally, the solutions strengthen compliance efforts with the USA PATRIOT Act and the FACTA Red Flags Rule by detecting inconsistencies in consumer-provided application information and screening against OFAC and other high-risk alerts, all according to the announcement.
“With so many compromised identity records, we believe the best defense against fraudulent behavior is a multi-layered approach that leverages advanced data and technology,” said Kathleen Peters, Experian’s senior vice president and head of Fraud and Identity. “Fraud is becoming more of a focal point within the automotive industry and with access to analytical capabilities, lenders will be better positioned to assess fraud risk quickly and accurately, make the right lending decisions, and create an improved experience for prospective borrowers.”