Global FinTech, DirectID has today announced the launch of its Collections & Recoveries solution.
Working with some of the UK’s leading banks, lenders and debt collection agencies, DirectID has built a solution that will simplify and streamline the collections process for both collections’ agents and their customers.
Using bank data, collections agents will have an up-to-date and accurate view of a customers financial statement and an assessment on their disposable income, and thus, how much they can afford to repay.
The Collections & Recoveries product combines DirectID’s categorisation engine with the categories defined within the Standard Financial Statement.
For individuals who have built up large amounts of debt, it removes a lot of the stress and uncertainty. The use of bank data negates the need for them to supply lots of details around financial commitments with existing creditors.
Currently, collections agents can spend a large volume of time with a customer assessing how much income they have, and what their discretionary and non-discretionary spend looks like. This process is also prone to customer error, downplay spend, or deliberately misleading the agent, in an attempt to keep repayments low.
Collections & Recoveries uses an individual’s bank data to help lenders streamline the collections process. This supplies the lender with an up-to-date and accurate view of an individual’s debt commitments and subsequently their capacity to repay any outstanding debt.
James Varga, CEO of DirectID, said:
“I am immensely proud to be today launching our new Collections & Recoveries solution. This is an extremely important proposition which will help both collections agents and their customers, during which can be a difficult process.
“With the launch of this product, and because of the impact of bank data, DirectID now covers the whole customer lifecycle, from on boarding, portfolio management, and now Collections & Recoveries.
“The launch of DirectID’s Collections & Recoveries product marks an important step for DirectID, as we not only launch our first product of this year, but the first of several that we have completed, or are near to completion. Now that we can cover the whole product lifecycle with bank data, we are in a position to work with businesses across industry, and differing needs and challenges.”
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