XpressCredit Taps Lokyata’s BankAnalyze to Support Loan Decisioning for Independent Auto Dealers
WASHINGTON–(BUSINESS WIRE)–#autolending—Lokyata, a company focused on delivering products that digitize, automate, and scale lenders’ credit decisions, announced today 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 utilizes 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 center piece of the system 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 sell more cars, and lenders 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.”
About Lokyata
Lokyata’s global headquarters is in Washington DC with offices in Europe, India, and Latin America to serve its world-wide customer base of banks, non-banking finance companies, credit bureaus, and fintech lenders. Lokyata’s deep lending and credit risk experience, combined with a robust data science practice, pragmatic approach to data strategy, and scalable AI-driven platform deliver measurable results in increased loan approval rates, lower default rates, and improved financial margins. For more information visit www.lokyata.ai or email [email protected].
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Heather McDaniel
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