Efficient processing of vehicle financing thanks to Retarus Cloud Fax Services

The challenge

No matter whether it’s a registration form with a legally valid signature, copies of a driver’s license, proof of income or other confidential documents, even in this age of digitization, paper-based documents still play an essential role in the processing of vehicle financing. In order to ensure that the customer’s financing can be approved speedily despite a growing flood of documents, it is essential to optimize key business processes by automating them. At the same time, credit and loan institutions are striving to keep their process costs down to a minimum. In accordance with more stringent data protection and compliance guidelines, companies are also required to safeguard any sensitive data which is exchanged at all times.

The background

The vast majority of new cars registered for private and business use are brought to the roads by leasing and financing models – and the trend is upwards. In the most cases, car dealers transmit confidential contract documents by means of fax to the responsible credit institution. The fax standard is used because it is tried and tested as well as being highly standardized. It also provides an advantage by serving as a means of proof–thanks to the confirmation message and signature – as opposed to e-mail, for instance. At the credit institution, the contract documents are then manually captured and assigned to the appropriate process. The entry of data is not only work and time intensive due to the high volumes of incoming documents, but also prone to errors. The result is duplicated work, enormous follow-up costs and the associated delays in approving the loan application.

The solution

With Retarus’ Cloud Fax Services, leasing or financing documents can be sent both securely and efficiently by means of fax and received conveniently in email clients and business applications – from where they can then be processed further without delay. Combined with an innovative barcode recognition, this service helps to fully automate the assignment of documents. No additional investment is needed in hardware, updates, maintenance, licenses and fax lines. To this end, Retarus’ Global Delivery Network with its well-developed interfaces, global availability and remarkably high levels of fail-safety facilitates the success of communication-based business processes. Finance institutions worldwide profit from the high quality and transaction security offered by the service and quick, error-free fax delivery into their existing systems, including an immediate transmission report.