The fourth significant development coming from defi SOLUTIONS in the past month arrived on Tuesday morning. This time, defi SOLUTIONS finalized a partnership with eOriginal in an effort to bring secure eContracting and eVaulting capabilities to its growing finance company community.

In a blog post revealing the news, defi SOLUTIONS explained that the integration of eOriginal with the defi loan origination system means finance companies can eliminate costly paper processes and accelerate their funding times. The companies pointed out that the new capabilities are designed to help finance companies meet stringent compliance requirements and put them on the “leading edge” of all buying and funding processes by going 100 percent digital.

Georgine Muntz, COO and strategy leader at defi SOLUTIONS, elaborated about what the latest developments mean for both finance companies and dealerships. Muntz insisted the partnership will streamline loan processing and enable accelerated funding cycles through fully digital collateralizations and securitizations.

“defi’s software enables lenders to respond quickly to loan applications and improve their existing auto lending programs," she said.

“The partnership with eOriginal will accelerate funding, while eliminating costs associated with paper processes and allowing lenders and dealers to meet stringent compliance requirements,” Muntz continued. “Moreover, it lays the vital foundation for lenders and dealers as they prepare for the inevitable move into a fully digital buying and lending process.”

Muntz went on to mention that defi’s loan origination system (LOS) allows finance companies to focus on the “actual lending part of business” by taking care of the more technical aspects of processing and decisioning applications.

In addition, the technology can offer the speed and performance to make the loan origination process as simple as possible. With its new digital financial transaction solution, the partnership empowers customers to better address regulatory compliance and optimizes lenders’ flexibility to move assets on to the secondary market via collateralization or securitization.

“eContracting and the automotive industry go hand-in-hand,” eOriginal president and chief executive officer Stephen Bisbee said.

“By connecting digital loan origination systems and dealer management systems, funders can more rapidly link with dealers and, in some cases, complete the financing process before the borrower even drives off the lot in their new vehicle, which empowers dealers to improve operational efficiencies and reduce floor plan costs,” Bisbee continued.

Randy Crow, senior vice president of sales at eOriginal, added, “With eOriginal, loans can be executed in minutes and dealers are funded by lenders in hours, not days.

“Taking paper out of the vehicle buying processes improves the customer buying experience, reduces dealer overhead costs and expedites funding cycles,” Crow went on to say.

The relationship with eOriginal comes on the heels of defi SOLUTIONS announcing that the company will be expanding its product offerings to include a full-service analytics and reporting platform. The company also landed a new finance company client, completed an integration with another industry service provider and promoted one of its executives to be the chief technology officer — all since the end of June.