Westlake Financial Integrates With Onbe to Launch Streamlined Automotive Refunds in Just 55 Days
Westlake Financial (Westlake), the largest privately held finance company in the United States, worked with Onbe to replace its check-based automotive loan overpayment refunds program with a custom solution that reduces the cost and burden of payment administration while delivering a seamless experience for recipients.
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The Opportunity
Westlake issues approximately 10,000 automotive loan overpayment refunds every month. The company saw the opportunity to reduce costs and complexity by switching from its in-house, check-based program to Onbe’s digital-first payouts gateway. Transitioning to Onbe would not only automate time-consuming processes, such as escheatmentmanagement, but also provide a faster, more convenient refund experience for Westlake’s customers.
The Solution
Westlake was looking for a “total package” solution and found that with Onbe. The finance leader’s transformational new refund program included:
- Faster speed to payment with digital delivery
- Custom-branded payment experiences featuring popular payment choices
- Full-service program management from Onbe’s experienced team
- StateSmartSM, Onbe’s proprietary escheatment management solution
- Fully supported implementation and fast go-to-market
Results
Depending on client resources, complex refund programs can take months to implement. However, Westlake and Onbe launched a new digital refund program in just 55 days, a record for a program of this design. Previously, the Westlake team manually filled out Excel spreadsheets to send to a check processor. Today, the company has nearly eliminated the labor and operational costs of issuing refunds and now has more time and resources to focus on its core business activities. Westlake’s customers enjoy secure digital delivery of their payments, which results in fast gratification and convenience.