Sagent Lending Technologies has partnered with Experian and integrated the credit bureau’s Precise ID, a fraud and identity solution, into its Auto Loan Origination System. Experian’s Precise ID allows auto lenders using the Sagent system to better identify would-be consumers’ identities and mitigate the risk of fraud, which is reported to have increased 5% year over year, as well as reduce decisioning time on loan and lease applications.
Discussions on the partnership “largely occurred during the course of 2019,” Charles Sutherland, chief product officer at Sagent, told AFN. To prepare for the deal, Sagent enhanced the team that oversees third-party relations. In addition, the company previously incorporated a third-party integration hub into its system.
“What that [hub allowed] us to do is take data sources like Precise ID and map them to a common model back into our origination system,” Sutherland said, noting that the process allows a high degree of customization for lenders.
Sagent works with top-30 auto financiers in the industry, including national banks, and is “in active discussions” with additional auto lenders to pilot different parts of its program, Sutherland said, although he declined to discuss specifics. “I think 2019 and 2020 will be active years for [lenders] looking for new originations capabilities in both direct and indirect lending,” he added.