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Retail Finance

Auto Finance

The product provides automation, monitoring, and optimizing of Auto Finance Process actions and integration with bank systems and third parties to avoid manual work. Banks provide Auto finance to customers to acquire a car with any arrangement other than a single lump payment. The provision of car finance by a third party supplier allows the acquirer to provide and raise the funds to compensate the initial owner, either a dealer or manufacturer.

The product enables the bank to have end to end process visibility to have workflow capabilities which will include the following functionalities:

mobile app
Procedures and process flow to start from the requisitioned in business. The process and procedures should show all the approvals required at the appropriate placement/location.
Users (bank internal users, dealers , sellers) to be able to select a substitute when required
Alerts and escalation to be enabled if approval is not done within the agreed time
Integration with ID card & Passport reader, Signature retrieval, Core bank System, AML, and Customer Master Data.
Establish Service Level Agreements (SLAs) as required
Integrated business rules management to ensure that Governance, Rules and Compliance or Policy rules are adhered to.
Delegation of Authority process to be incorporated in the approval process
Available with standard integration services such as, but not limited to, Create / Update Customer, Create / Update Account, Get Internal Liabilities, Get Fraud Match, Get Customer Details, Credit Deviations, and Disburse.