XpressCredit taps Lokyata’s BankAnalyze to support auto loan decisioning
By Edlyn Cardoza
Lokyata, a company focused on delivering products that digitise, automate, and scale lenders’ credit decisions, recently announced that XpressCredit™, a FinTech that focuses on the small independent auto dealer market, has selected Lokyata’s BankAnalyze solution to help support auto loan decisioning for XpressCredit’s network of thousands of independent auto dealers nationwide.
XpressCredit provides auto lenders with one point of entry from unit acquisition to customer disposition, including consumer finance and accounting. BankAnalyze provides borrower-permissioned access to applicants’ alternative data, such as rent payments and bank statements, and utilises the information to inform a credit decision based on individual lenders’ own rules and workflows, helping lenders gain operational efficiencies and expand borrower pools responsibly. Through this partnership, auto dealers that leverage XpressCredit’s platform will have direct access to BankAnalyze’s functionality as part of the auto loan application and decisioning process, enabling them to provide more financing options to more car buyers.
XpressCredit is an easy-to-use Software as a Service (SaaS) for independent car dealers of any size. The system’s centrepiece is the financing portal, where XpressCredit brings the consumer, dealer, and lender together in real-time to finance a car. Lokyata’s technology helps make decisioning the loan faster, easier, and more versatile, allowing XpressCredit to help more people acquire quality financing, dealers to sell more cars, and lenders to fund more loans with confidence.
“Speaking for the whole XpressCredit team, I just want to say how proud we are to be partnering with Lokyata,” said Keith Bardwell, Senior Vice President of Marketing, XpressCredit. “Through this integration, the XpressCredit platform can now provide traditional and non-traditional credit scorecards that enhance our product for our customer base.”
“With rates rising and auto prices remaining high, auto lenders need tools to better manage their loan decisioning and help their customers responsibly gain access to financing,” said Steve Bireley, CTO at Lokyata. “XpressCredit has a deep understanding of the industry and a proven history of providing its dealer network with access to the latest technology, and BankAnalyze is a perfect addition to its dealer platform.”
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