Source: First Data
First Data Corporation, a global leader in electronic commerce and payment processing, and Zoot, a leading provider of advanced instant credit decisioning and loan origination solutions, today announced that they have signed an agreement enabling First Data to offer Zoot's account opening and loan origination solutions to its issuing client base.
First Data will offer Zoot's zOriginate® loan origination software (LOS) solution, which allows users to complete the entire end-to-end origination process, from submitting the loan application using multiple channels, to seamlessly booking the new account to First Data in real time or using batch processing. The solution features flexible decisioning with the ability to easily incorporate traditional and nontraditional data sources.
"As we performed our due diligence work and listened to our clients' feedback, we've grown to realize that Zoot is known in the industry for its advanced capabilities, commitment to deliver on time and on budget, and thought leadership," said Phil Christiansen, vice president, Global Product, First Data. "With this agreement, we will be able to offer our issuing clients a robust, end-to-end solution with a powerful combination of services that give clients the flexibility and scalability they need to respond to the demands of their own programs and a dynamic regulatory environment."
This agreement adds another best-in-class application to First Data's product suite, enabling the company to be a single source for its clients' current and future portfolio demands.
"With its significant card processing capabilities and client base, First Data is a natural partner for us," said Dennis Dixon, president of Zoot Enterprises. "This agreement will enable Zoot to reach more financial institutions and retailers, and it creates a comprehensive set of solutions that meet the needs of our clients at every stage of the process."
Terms of the agreement remain confidential.