PAYMENT ASSURANCE TECHNOLOGY ADVANCES

Lender Systems, Inc. integrates On Time™ technology and RFIS advanced technology

Building it Better:

Lender Systems Inc., specializing in risk management technology for finance companies and credit unions, is proud to announce to the auto finance industry it has entered into a strategic alliance with RFIS Inc. for its manufactured product line.

RFIS has been an industry leader in automotive security systems and payment assurance technology for over 18 years and its founder has had numerous patents granted both in the US and Internationally, including the world renowned On Time® system technology that has been so recognized in the industry for some 12 years and previously sold by Sekurus, Inc.

The companies through cross licensing agreements have integrated the current RFIS technology into Lender Systems' software solutions as well as implemented the next generation technology into an exclusive product specified by Lender Systems'. Lender Systems' will use this technology in their “iPAY™” line of payment assurance technology products.  This will provide Lender Systems’ clients state of the art payment assurance technology once used in the On Time® product line plus more advanced technology.

As a result of this new alliance, RFIS and Lender Systems' will have unique payment assurance technology designed for the credit union industry. This technology enables dealers to acquire financing for their higher risk customers that credit unions previously would not finance due to the risk factor associated with less credit worthy members.

About Lender Systems, Inc.

Headquartered in Temecula, CA, Lender Systems, Inc., is a solution oriented company with focus on risk management strategies for the non-prime and sub-prime financial market.

Lender Systems’ core solution consists of payment assurance technology products developed by RFIS.  In addition, Lender Systems provides full service loan servicing as an option for its clients. Lender Systems' mission is to provide state of the art tamper resistant payment assurance technology that can be integrated into existing credit union management platforms for higher quality risk management and better portfolio performance on auto loans.  The Lender Systems staff  has industry wide background and consists of former employees of Manheim, On Time®, Finance Express, PassTime™, Reynolds & Reynolds, Sekurus, Star Billing (a 10 year billing and loan servicing company in the sub-prime auto industry), senior level former Microsoft® programmers, and C-level financial institution executives.

About RF Identification Systems Inc.

RFIS specializes in automotive immobilization circuits and designs. RFIS provides a complete turnkey design from product concept through manufacturing in an ISO 9000 facility. Since 1992 approximately 700,000 vehicles have had RFIS designed products installed on their vehicles for either vehicle security or payment assurance technology. In 1998 RFIS developed the “On Time” product, which was sold by Sekurus Inc. and received national recognition as a newsworthy item in the Wall Street Journal and USA Today newspaper. Its technology has been a featured news item on ABC, NBC, CBS and FOX news as well as a featured news item in dozens of local TV news broadcasts world wide.