ST. PETERSBURG, Fla. (3/17/10)--PSCU Financial Services’ PayLynx bill pay platform has one million subscribers. The platform achieved a 22% annual growth in subscribers and a 20% jump in transactions for 2009. About 20 credit unions converted to the platform in the past year, the company said. “This program is part of our consolidated eCommerce suite that is setting a new standard of growth for our cooperative and member credit unions,” said David J. Serlo, PSCU Financial Services president. “We have seen continued growth in [the platform’s] adoption among our members.” PayLynx provides one central payment center to manage all bill payments and e-mail notifications with statement availability, summary information and a secure link to the bill pay site. Reminders notify subscribers when a bill needs to be scheduled or has been paid. The program also protects subscribers against unauthorized transactions or processing delays, said PSCU Financial Services. It reimburses subscribers for any late payment-related charges, up to $50, if a payment arrives after its scheduled due date. PSCU Financial Services, St. Petersburg, Fla., is a credit union service organization.
PHILADELPHIA (3/17/10)--VINtek, a provider of automotive collateral management and direct auto finance services for auto finance lenders, has launched www.taxandtags.com, an interactive, real-time tax, tag and title fee calculator for consumers, dealers and auto lenders, including credit unions. The tool was previously available only through VINtek’s direct-to-consumer lending platform. The calculator lets users estimate the amount of state and county-specific taxes, registration fees and title fees for vehicle purchase or refinancing. It also calculates the monthly payment for an auto loan with the fee amounts. The site offers fee calculations for 51 U.S. jurisdictions, the company said. The lender receives the loan application from a potential borrower and can determine the tax, tag and title fees using the Web-based calculator. The fees then are rolled into the total financing amount. Tax, tag and title fees can exceed 8% of the purchase price of a vehicle. The industry needs a real-time tool to help lenders calculate for their customers the complete cost with the amounts included, said Larry Highbloom, VINtek president. “There is significant demand from consumers for the ability to verify what their monthly payment amount will be whether they are purchasing from a dealer or another consumer, purchasing a vehicle they are currently leasing or simply refinancing their existing auto loan,” Highbloom said.