Credit Unions collectively make up one of the largest groups of indirect lenders in the country. Many find their legacy back office loan servicing platforms to be outdated, creating costly inefficiencies.
While your goal is to cross sell other products and services to these members, many maintain only the loan relationship.
Loan Servicing creates many operational challenges:
- Processing loan payments manually is time consuming
- Costs increase as your loan portfolio increases
- Scaling becomes increasingly more challenging
- Non-Members add to inefficiencies due to outside FI relationships
- Conversion of non-members to members remains a challenge
- Members’ experience falls short of expectations
Electronic Back Office provides an integrated solution which offers a better experience for your members and non-members and increases your loan servicing efficiency. We provide your Credit Union with an automation platform to process payments for your loan administration department.
Members can self-manage their loan notifications, review their loan information and make payments from their credit union account or an outside financial institution through an ePayment portal branded to match your Credit Union website.
Non-Members can self-manage their loan notifications, review their loan information and make payments from an outside financial institution through an ePayment portal branded to match your Credit Union website.
Processing Loan Payments becomes much more efficient. Electronic Payments are posted to your loan servicing platform and mailed payments received at your credit union are scanned and automatically posted to the borrowers’ loan records.
An Integrated Suite Of Automation Products
Loan Remittance Servicing
Our loan remittance servicing platform is a cloud-based solution that automates loan processing for indirect loans. Loan payments and checks are scanned and matched against your indirect loan portfolio. For any payment exceptions, (examples include payment amount mismatch, incorrect loan number, etc.), payments are reviewed and corrected with simple point and click technology.
The user is presented with all the payment and loan information, including all document images. Once the process is completed, the checks are deposited electronically with an image cash letter file. A posting file is automatically sent to your core or loan servicing system updating the payments received.
Loan Remittance Servicing Benefits
Automated business rules can be established to increase efficiency.
Easy To Connect
Cloud baseds platform compatible with any browser, operating system and device. Requires no hardware or software installation.
Check & Remittance Automation
Payments can include: Check Only, Check and Remittance, Bill Pay Checks, 3rd Party Checks
Auto Archiving & Status Tracking
All invoices are securely stored and accessible 24/7. Payment status is tracked and updated in real time, increasing productivity.
ACH loan payments are automated and matched to the loan record.
Slash your costs of handling paper invoices by more than 50%.
MEMBERS & NON-MEMBERS
The ePayment Portal allows your members and non-members to self-service their loans. Once enrolled, the borrower can receive loan payment notifications to their email or through text messages to their phone. This convenience allows the borrower to update and change their ACH information themselves and eliminates your staff from manually updating this in the loan servicing platform.
The member can make loan payments one time or scheduled monthly using ACH from their member account or from another financial institution.
A non-member can make loan payments one time or scheduled monthly using ACH from another financial institution.
All payments processed on the ePayment portal are 100% matched to their loan record and updated to your loan servicing platform. Credit card integration is also available with no PCI compliance requirements.
ePayment Portal Benefits
Loan Servicing Integration
Customizable Loan Information
Self Service Reduces Inquiry
Custom Branded Portal
Eliminate ACH Management