Westlake Financial Services will use ACI Worldwide’s UP bill payment solution to facilitate customer loan payments, ACI announced today.
Westlake customers will now be able to make payments on their auto loans with a debit card or ACH (Automated Clearing House) online, using their phone or other mobile device, through “ACI’s omni-channel bill payment approach,” according to the release.
Westlake, a Los Angeles-based subprime auto lender, said it expects to save 20% on debit card payment processing expenses by using UP, according to the release. Over time, Westlake expects the service will contribute $5 million in savings.
“Before ACI, it would have taken us years to realize the efficiency gains that UP bill payment solutions provide; as such, making the switch to ACI was an easy decision,” John Mason, vice president of operations, Westlake Financial Services, said.
Regulatory changes and shifts in consumer spending – among other things – have “created complexity in auto finance payment processing,” according to Scott Fitzgerald, vice president and product line manager, ACI Worldwide. The company is banking on its 40 years of experience to enable Westlake to “to profit from these changes,” he said in the release.
Westlake currently has more than $2 billion in total managed assets and 270,000 customer accounts across all 50 states.
