ACI Worldwide, a global provider of electronic payment and banking solutions, announced this week that Westlake Financial Services selected ACI UP Bill Payment Solutions to facilitate customer vehicle installment contract payments and possibly save the finance company millions of dollars in processing charges.

With ACI’s omnichannel bill payment approach, officials explained Westlake customers will be able to pay loans with a debit card or ACH (Automated Clearing House) — accepting payments through online, mobile, phone and text — resulting in improved efficiencies and significant cost savings.

With more than $2 billion in total managed assets and 270,000 customer accounts across all 50 states, Westlake expects to save 20 percent on its debit card payment processing expenses, which over time is projected to contribute $5 million in savings.

UP Bill Payment Solutions is designed to deliver consumer engagement, cost control and compliance, as well as improvements in efficiency, an area of focus for Westlake’s executive team.

“Before ACI, it would have taken us years to realize the efficiency gains that UP Bill Payment Solutions provide; as such, making the switch to ACI was an easy decision,” said John Mason, vice president of operations at Westlake Financial Services. “This cost savings, combined with ACI’s compliance and money transmitter licenses, set them apart from the other options in the marketplace.”

ACI Worldwide vice president and product line manager Scott Fitzgerald added “Massive regulatory changes, shifts in consumer spending and industry cost structures have created complexity in auto finance payment processing.

“We’re pleased to bring ACI’s 40 years of payments experience to enable successful auto finance companies like Westlake to profit from these changes,” Fitzgerald went on to say.