LCT’s Refund Control now aligns with new industry standards set by 3 associations
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Lender Compliance Technologies (LCT) said Thursday it secured “an important milestone for the industry” in connection with its Refund Control platform.
The provider of a tool for managing voluntary protection product (VPP) cancellations and refunds announced that its platform fully aligns with new VPP refund quote portal minimum standards recently approved by the Guaranteed Asset Protection Alliance (GAPA), Service Contract Industry Council (SCIC) and the Motor Vehicle Protection Products Association (MVPPA).
LCT explained the new standards define the minimum requirements for systems that generate refund quotes for VPPs. The framework provides a uniform approach to data integrity, accuracy and accountability across the vehicle finance ecosystem.
“For too long, refund quoting has operated without a common standard,” LCT CEO Glenn Munro said in a news release. “By aligning our Refund Control platform with this framework, we’re helping lenders, dealers and administrators operate with greater transparency, consistency and trust.”
LCT recapped that the new compliance standards, developed in collaboration between SCIC, MVPPA and GAPA, along with other participating lender and administrator stakeholders, establish clear expectations for how refund systems must operate including direct data sourcing, high performance and retention and reporting standards and updated requirements for data governance, access validation and audit trail.
“While the three trade associations do not actively endorse or otherwise qualify platforms against these new standards, the trade associations strongly encourage software providers and vendors in the market to align their systems to these new minimum requirements,” LCT said.
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LCT said its Refund Control platform was designed around these principles.
“The establishment of these standards shows that our industry is serious about setting its own benchmarks for compliance and performance,” Munro said. “We’re proud that LCT’s technology already reflects what these organizations have called for — accurate, secure and auditable refund processing.”
To learn more about LCT’s Refund Control, visit lct1.com.
