|Payment solution for auto loans|
New custom payment options for auto loans offered via Metavante and NPN offers potential benefits to dealers, distribution partners, and consumers
Metavante Integrates Payment Solutions To Help National Payment Network Launch CustomPay
El Segundo, Calif. and Milwaukee, July 30, 2008 – Metavante (NYSE:MV), a leading provider of banking and payments technology, and National Payment Network today announced the availability of National Payment Network’s CustomPay. Built specifically for the automotive industry, CustomPay features a unique configuration of Metavante Corporation payment solutions. National Payment Network is a provider of loan acceleration programs to the automotive industry.
CustomPay, a program designed to help borrowers customize the timing of auto loan payments, accelerate loan payoffs and help build equity faster, deploys a dynamic financial engine composed of multiple Metavante payment components. Through its use of Metavante prepaid, automated clearing house (ACH) and online bill payment solutions, CustomPay differentiates itself from other loan acceleration programs and delivers added value for dealers, distribution partners, and consumers.
The model for many loan acceleration programs includes trust accounts, which are typically owned by the administrator and co-mingle consumer funds. Among multiple aspects of Metavante’s secure and scalable payments processing functionality, CustomPay uses Metavante ACH, online bill payment solutions and prepaid debit accounts, which are unique to each individual customer. This enables consumer funds to be held individually as opposed to co-mingled. The direct benefits of this model include increased payment accuracy, consumer satisfaction and consumer funds protection. Additionally, CustomPay’s advanced reporting updates data in real-time, allowing dealers and partners to more efficiently track transaction histories and view projected commissions.
“As Metavante has grown its payments capabilities, we’ve focused on identifying opportunities to apply our payments expertise, integrate solutions across traditional payment verticals, and create new ePayments in untapped markets,” said Jeff Lewis, division president, Metavante ePayment Solutions. “National Payment Network wanted to build a new customizable, biweekly loan acceleration program for automotive dealerships and Metavante was able to provide the payments components, which in a display of Metavante’s integration capabilities, we tied together in a distinct configuration.”
“The emergence of CustomPay, supported by Metavante technology, signals the next wave of technological advancement in the loan acceleration environment,” said Andrew Typrin, co-founder and chief operating officer, National Payment Network. “We will continue to advance the future of the automotive loan payments by enabling dealers to manage financial transactions in a flexible, convenient and secure manner.”
About National Payment Network
Founded in 2001, National Payment Network is the nation’s leading provider of loan acceleration programs for the automotive industry. A brand name synonymous with innovation, the Southern California based financial services company has fast been building a national reputation for pioneering technologies targeted at supporting the loan acceleration space.
Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.
Phone: +1 404-892-2583
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