BROOKFIELD, Wis. — Earlier this week, Fiserv unveiled several enhancements to its Automotive Loan Origination System (LOS). Executives believe the modification can provide auto lenders with the flexibility to meet variable technology and market requirements.

Some of the best-practice technologies now incorporated in the new version of the Automotive LOS highlighted by Fiserv include:

—Configurability intended to meet lenders' unique business and system personalization needs.

—New work-list and work-flow configurability for staff efficiency is meant to allow lenders room for growth and adaptation of their operations to market changes

—Integration with other solutions from Fiserv business partners can offer enhanced compliance tools and eContracting. 

The company reiterated that one of its core competencies is processing. Fiserv executives stress that the Automotive LOS can incorporate business rules to give lenders greater control of information needed to run their businesses more effectively.

"All of the data required to automate decision-making, streamline work flows and assure policy enforcement is located entirely within the system, rather than on multiple servers," Fiserv officials explained.

"This structure provides significantly enhanced configurability to support automotive lenders' unique business and system ‘personalization' needs," they continued.

Pete Radike, product manager of loan origination solutions at Fiserv, went on to emphasize how important the program's utilization of a service-oriented architecture is. Radike pointed out function-specific components can be created and implemented without impact to other areas of the system, reducing business risk and simplifying development and release management.

"Because the industry is changing so rapidly, auto origination technology must reflect constant innovation, as well as rapid incorporation of automated best practices," Radike stated.

"Fiserv developed its ‘next-generation' auto origination platform so that our customers could not only compete, but thrive, in a substantially different automotive market," he added.

"We have created our Auto LOS with powerful tools to mitigate credit portfolio risk and to respond dynamically to changes in the lending landscape," Radike concluded.