F&I Sentinel on Wednesday announced its first significant platform upgrade since the acquisition of aftermarket refund solution provider Express Recoveries from Cox Automotive last year.

Executives highlighted these upgrades are a result of incorporating the Express Recoveries platform into F&I Sentinel’s Managed Cancellations solution and extensive insights from the company’s more than 100 lender customers.

F&I Sentinel’s Managed Cancellations solution now offers three features designed to enhance lenders’ process controls, automation and audit-readiness. They’re meant to deliver a new standard of insight and efficiency in aftermarket product servicing from cancellations to refunds.

The enhancements include:

—Consumer refund letter generation: The ability to generate and send consumer refund letters on behalf of lenders, in addition to the existing capability to send dealer and product company notifications, ensures that all notifications can be sent from and stored in a single platform easily accessible by lenders.

The company said this new feature is exclusive to F&I Sentinel’s Managed Cancellations solution. The enhancement can guarantee timely delivery and adherence to regulatory and audit-tracking requirements, while minimizing administrative burden for a lender.

—Custom fields for consumer records: Lenders can now create up to 25 custom data fields directly within the platform which serves as one simple, unified system to store all critical data elements throughout the cancellation lifecycle without the need for complex IT integrations.

This enhancement can allow a lender to customize and capture data based on its individualized internal needs and processes.

—Dynamic decision engine: Lenders can now leverage a dynamic decision engine that can be configured to reflect how their business actually works.

Leveraging technology to eliminate human error and variations in interpretation by codifying and automatically applying lender policies and rules without human intervention is “a game changer, according to F&I Sentinel.

Lenders’ pre-defined rules stored in the dynamic decision engine can enable lenders to scale process controls and rules without significant increase in administrative load or complexity.

The platform also can provide a full audit history for more efficient and transparent reporting.

“Striving for greater efficiencies, data integrity and regulatory compliance have always been our platform development team’s key imperatives. More than 100 lenders place their trust in us to help them resolve their aftermarket refund and cancellation challenges,” F&I Sentinel CEO Stephen McDaniel said. “This latest version of our Managed Cancellations solution not only addresses current challenges but also those just around the corner.

Our team is unique in that we are able to combine a deep regulatory expertise with state of the art technology. This combination is simply unrivaled and places us at the forefront of being able to help the auto finance ecosystem address these challenges with confidence,” McDaniel went on to say.

To learn more, go to https://fandisentinel.com.