Metavante (NYSE:MV), a leading provider of banking and payments technology, and National Payment Network today announced the availability of National Payment Networkâs 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 Metavanteâs 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, CustomPayâs advanced reporting updates data in real-time, allowing dealers and partners to more efficiently track transaction histories and view projected commissions.
âAs Metavante has grown its payments capabilities, weâve focused on identifying opportunities to apply our payments expertise, integrate solutions across traditional payment verticals, and create new ePayments in untapped markets,â said Jeff Lewis, division president, Metavante ePayment Solutions. âNational 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 Metavanteâs integration capabilities, we tied together in a distinct configuration.â
âThe emergence of CustomPay, supported by Metavante technology, signals the next wave of technological advancement in the loan acceleration environment,â said Andrew Typrin, co-founder and chief operating officer, National Payment Network. âWe 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.â