Brookfield, Wisconsin-based ""Fiserv, Inc."":http://www.fiserv.com has added management of indirect and third-party loans to its loan servicing platform. The company explained that this single-platform capability broadens the spectrum of loans to be processed and provides online, real-time back-office transactions for financial institutions' diverse portfolios.
The Fiserv loan servicing platform can now manage all current types of indirect financing, including same-as-cash and staged funding loans that manufacturers, distributors, and retailers may offer to borrowers. Fiserv said that the platform enables all financing products to be boarded and serviced ""quickly and efficiently,"" while managing all of the unique disbursement, collections, and reporting requirements.
Thomas Gorman, president, Fiserv Loan Servicing Products, added, ""Now, just because you offer your customer multiple loan types, doesn’t mean that you have to have multiple servicing systems. 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.""
According to the company, this single system environment for indirect and third-party financing can help clients streamline servicing operations and improve customer service; reduce the manual tasks required with fee processing to improve the collection process; and enhance client data management, analysis, and reporting.
Gorman said, ""The Fiserv servicing platform allows banks to further their lending relationships. We anticipate growth in this sector, and have taken the steps necessary to ensure these loans can be managed efficiently.""