Open Dealer Exchange to integrate with CUDL
SOUTHFIELD, Mich. (02/07/12)--Open Dealer Exchange LLC will integrate with CUDL, a provider of indirect and point-of-purchase auto lending solutions industry. Through the new alliance, CUDL will offer direct credit application and contract validation data integration from the dealer's point-of-sale system directly to the CUDL system.
The integration between lenders and dealers is fragmented, often hostile and not always secure, CUDL said. Because there is a break in workflow between a dealers' internal dealer management system (DMS) and a lender's back-end system, CUDL added, the process is vulnerable to human errors with data entry, information syncing in multiple systems and improper security measures. With a direct connection from Open Dealer Exchange, CUDL seeks to eliminate these inefficiencies for its dealer network while providing process efficiencies to its credit union members.
"The agreement with Open Dealer Exchange allows our credit union members a more streamlined approach during the contracting process," said Tony Boutelle, CUDL president/CEO. "With our combined technology expertise, lenders will have access to critical information directly from the DMS, something that is tough to do today without the connection to Open Dealer Exchange."
Open Dealer Exchange, founded in 2009 as a joint venture between ADP Dealer Services and The Reynolds and Reynolds Company, integrates a finance source or F&I product provider directly within an auto dealership's DMS. By eliminating the need for dealers to log into multiple systems or re-key data into various applications during a vehicle sale, Open Dealer Exchange's process is designed to create increased operational efficiencies, reduce contract errors and a more streamlined process with a lender or provider's franchised dealerships.
From within the DMS, dealers will be able to send complete customer and deal information directly to CUDL then complete the credit application process within CUDL. Dealers also will be able to validate contracts on each deal directly from their DMS, which acts like a spell-check to ensure all data is right, prior to being sent to the lender.
RANCHO CUCAMONGA, Calif. (2/7/12)--CO-OP Financial Services has completed the acquisition of the assets of Corporate Network eCom, including its online and mobile bill pay services.
On Dec. 15, 2011, CO-OP Financial Services announced that it had received National Credit Union Administration (NCUA) approval to purchase the assets of eCom, a subsidiary of U.S. Central corporate credit union. At the time, CO-OP said it expected the purchase to close within 90 days.
CO-OP Financial Services was selected by the NCUA after a bidding process, required as U.S. Central Corporate CU was placed into conservatorship in March 2009.
All eCom employees will become employees of CO-OP Financial Services and continue to service eCom online and mobile bill pay clients. eCom, located in Lenexa, Kan., was founded in 1999. More than 750,000 credit union members use its electronic bill payment solutions.