ACI Worldwide, a leading global provider of electronic payment and banking solutions, announced that Westlake Financial Services, one of the nation’s leading auto finance companies, has selected ACI UP Bill Payment Solutions, the industry’s most comprehensive electronic bill pay service, to facilitate customer loan payments. With ACI’s omni-channel bill payment approach, Westlake customers will be able to easily pay loans with a debit card or ACH (Automated Clearing House)—accepting payments through online, mobile, phone and text—resulting in improved efficiencies and significant cost savings.
With more than $2 billion in total managed assets and 270,000 customer accounts across all 50 states, Westlake Financial Services is a rapidly growing full spectrum finance company. With ACI, Westlake expects to save 20 percent on its debit card payment processing expenses, which over time is projected to contribute $5 million in savings. UP Bill Payment Solutions deliver industry-leading consumer engagement, cost control and compliance, as well as improvements in efficiency, an area of focus for Westlake’s executive team.
“Before ACI, it would have taken us years to realize the efficiency gains that UP Bill Payment Solutions provide; as such, making the switch to ACI was an easy decision,” said John Mason, vice president of operations, Westlake Financial Services. “This cost savings, combined with ACI’s compliance and money transmitter licenses, set them apart from the other options in the marketplace.”
“Massive regulatory changes, shifts in consumer spending and industry cost structures have created complexity in auto finance payment processing,” said Scott Fitzgerald, vice president and product line manager, ACI Worldwide. “We’re pleased to bring ACI’s 40 years of payments experience to enable successful auto finance companies like Westlake to profit from these changes.”