Wolters Kluwer Financial Services announced the release of an update to its AppOne platform, including the ability to accommodate multiple payment frequencies. Previously, the software only accommodated a monthly payment frequency. Now, the solution, supports alternative payment frequencies which allows Wolters Kluwer Financial Services to better serve “Buy-Here, Pay-Here” (BHPH) dealers and others in the market that commonly finance vehicles with differing payment schedules.
According to a press release, AppOne is known for connecting dealers with lenders to automate and streamline the indirect lending loan origination processes. With the software enhancement, the platform offers increased simplification of the preparation of loan documents for “Buy-Here, Pay-Here” dealers, thereby helping ensure regulatory compliance, reduce costs and improve margins.
For the BHPH industry, the AppOne platform allows standardization of contracts that are used by dealers, which helps ensure more compliant transactions when dealing with a wholesale buyer or lender for accounts receivable. The system serves both lenders and dealers because compliant document preparation functionality is a key tool in enhancing the compliance within a dealership.
“We are excited about the latest enhancements to the AppOne platform, which allows us to expand our commitment to helping simplify complicated F&I functions and ease the overall compliance burden for our customers,” said Brad Fleener, senior director and general manager of Indirect Lending at Wolters Kluwer Financial Services. “There is a great need in the Buy-Here, Pay-Here space to simplify processes that will help dealers focus on their customers so they can continue to grow safely and profitably.”
For more information, visit www.wolterskluwerfs.com/indirect.