Partnering up for smoother automotive loan refund processes: Onbe and Allied Solutions team up
In an effort to streamline and modernize the automotive refund process, Onbe, a leading corporate payouts platform, has partnered with Allied Solutions, a renowned B2B financial services provider. This collaboration aims to provide financial institutions, dealerships, and their clients with a more efficient, cost-effective, and compliance-friendly solution [1][2].
The partnership integrates Onbe's digital payouts platform with Allied Solutions' Refund Plus® program. This integration enables digitalization and streamlining of refund operations following the cancellation of aftermarket vehicle products such as Guaranteed Asset Protection (GAP), Vehicle Service Contracts, and Credit Life & Disability [1][2].
One of the key benefits of this modernization is the elimination of paper checks and manual processing. Instead, digital payment methods like virtual cards, mobile wallets, and ACH transfers will be employed. These digital options are not only faster but are also preferred by 88% of auto finance consumers [2].
The collaboration also aims to reduce operational burdens for lenders. By minimizing manual work related to handling exceptions and unclaimed property, and cutting down call center volume caused by lost or delayed payments, the partnership promises to make operations more efficient [1][2].
Another advantage is the provision of built-in audit trails and real-time tracking. These features support regulatory compliance, helping financial institutions adapt to evolving regulations [1][2].
The partnership also offers a choice-driven and transparent refund experience for borrowers. This enhances customer satisfaction, improves brand perception, and boosts deliverability [1][2].
Melissa Hentschel, Chief Client Officer of Onbe, stated that digital payment options are the most efficient choice for teams delivering refunds promptly. Angelo Marchese, Director of Product & Vendor, Risk and Recovery Products at Allied Solutions, emphasized the importance of streamlining the refund process.
This partnership comes at a critical time in addressing the increasing regulatory burden on financial institutions. By modernizing the auto refund process, eliminating delays, creating efficiencies, and providing a choice-driven customer experience, the partnership intends to help clients prepare for future regulatory changes [1][2].
In summary, the alliance between Onbe and Allied Solutions delivers a modern solution that accelerates refund delivery, reduces risks associated with traditional refund processes, and provides more tools, capabilities, and payment choices for clients [1][2].
[1] Press Release. (2022). Onbe and Allied Solutions Partner to Modernize the Automotive Refund Process. Onbe. Retrieved from https://onbe.com/press-release/onbe-allied-solutions-partner-modernize-automotive-refund-process/
[2] Press Release. (2022). Allied Solutions' Refund Plus® Solution Now Offers Onbe's Digital Payouts Gateway. Allied Solutions. Retrieved from https://www.alliedsolutions.com/press-release/allied-solutions-refund-plus-solution-now-offers-onbes-digital-payouts-gateway/
The collaboration between Onbe and Allied Solutions incorporates technology to digitize and streamline the refund operations in the automotive industry, specifically for Guaranteed Asset Protection (GAP), Vehicle Service Contracts, and Credit Life & Disability [1][2]. This integration also offers digital payment methods like virtual cards, mobile wallets, and ACH transfers, preferred by 88% of auto finance consumers [2].
The partnership aims to support regulatory compliance by providing built-in audit trails and real-time tracking, helping financial institutions adhere to evolving regulations [1][2]. Furthermore, it aims to reduce operational burdens for lenders by minimizing manual work and call center volume, promising a more efficient process [1][2].
