Onbe has launched a digital-first consumer refund program that is set to bolster finance giant, Westlake Financial‘s current solution.
This collaboration aims to provide faster and more convenient payment options to Westlake’s auto loan customers, replacing the traditional check-based refund system with Onbe’s digital payouts gateway.
The solution replaces cheques with instant digital payments, offering Westlake’s auto loan customers a choice of popular and cost-effective payment methods, including custom-branded virtual cards that can be accessed and spent immediately.
Bolstered by One’s proprietary management service StateSmart, the program reduces the potential for compliance risk across Westlake’s product, and and reduces administrative burden.
Westlake Technology is the US’ largest privately held finance company, managing approximately $18bn in assets under management. They specialise in originating indirect automotive retail instalment contracts through a nationwide network of dealers.
Onbe is a FinTech company with over 25 years of experience, operating from offices in Chicago, Philadelphia, and London. They specialise in managing and modernising customer and workforce disbursements for corporate clients, from mid-market businesses to Fortune 500 companies.
The partnership aims to tackle the issues surrounding wait time across the payout experience. According to Onbe’s Summer 2023 Auto Survey, 47% of automotive customers list wait time as the leading cause of frustration with their payout experience.
John Mason, Senior Vice President of Operations at Westlake, said, “Onbe removed the internal costs and labor associated with our processes while creating a more user-friendly payment experience for our customers. Meeting customers’ expectations for a faster, more convenient payment experience was a goal, and Onbe’s digital refund solution decreased wait times dramatically.”
Tracy Monson, Chief Product Officer at Onbe, said, “We are proud to work alongside Westlake to modernise its automotive loan overpayment refund program, reducing cost and risk while extending Westlake’s excellent consumer lending experience beyond the life of the loan. A transformed automotive refund process means Westlake can offer their customers modern and digital payout choices while operating with maximum efficiency—essential to keep pace with customers’ preference for payment speed, choice, and convenience.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
