World Omni Financial Corp. Deploys Automotive Loan Origination System from Fiserv
255 Fiserv Dr.
Brookfield, WI, 53045
Press release date: April 30, 2014
• Upgrade brings three lenders onto latest hosted solution for system credit and funding
• Deployment to expedite decisioning and lead to higher customer satisfaction
Brookfield, Wis. — 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.
• World Omni Financial Corp. - http://www.worldomni.com/home.asp
• Fiserv Automotive Loan Origination System - http://www.autofinance.fiserv.com/automotive_loan_origination_system.aspx
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 FORTUNEŽ as one of the "100 Best Companies to Work For," its 16th consecutive year on the list.
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.
255 Fiserv Dr.
Brookfield, WI 53045
Public Relations Specialist