BROOKFIELD, Wis. -

Financial services technology solutions provider Fiserv announced that World Omni Financial Corp., a provider of financial products and services to dealers, consumers and lenders, has deployed the Automotive Loan Origination System from Fiserv for its retail installment contract and lease origination technology needs.

With Auto LOS from Fiserv, officials said 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. The company indicated 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 of originations at 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,” Tiufekchiev continued.

Fiserv emphasized Auto LOS can increase productivity and lowers costs through streamlined loan decisioning and funding. A configurable embedded rules engine can empower 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 of lending solutions at 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.,” Collins went on to say.

The Automotive Loan Origination System from Fiserv is a comprehensive end-to-end solution for every step of the lending process. The Fiserv technology can give lenders tools that help them understand and view their entire lending portfolio more holistically, enabling them to make more informed decisions.