CollectAI partners with Pay360 for UK launch
collectAI comes to the UK
Accounts receivable and debt collection management company collectAI has made inroads into the UK, reports Julie Muhn at Finovate (FinTech Futures‘ sister company).
The expansion is made possible via a partnership with Pay360 by Capita, which will build a branded receivables management solution for its business and government clients around collectAI’s technology.
Stephen Ferry, managing director at Pay360, says the industry is “edging towards an era of smart payments based on the needs and behaviour of the end consumer”.
Operating as a subsidiary of Germany’s largest e-commerce retailer, Otto Group, collectAI launched in 2016 and now has $50 million (€40 million) in receivables under management. This is $6 million higher than the company’s October 2017 milestone of $31 million (€25 million).
Pay360 is the third company collectAI has partnered with to offer its white-label debt collection technology. CollectAI has also partnered with 20 medium and large businesses to pursue the collection of debt on their behalf.
The company leverages artificial intelligence (AI) and machine learning (ML) to improve the debt collection process.
Describing the technology, Steve Emecz, CCO of collectAI, says the company brings receivables into the digital age. “Our technology provides access to all digital communication channels and ensures frictionless payments. As a result, faster execution and higher repayment rates improve the consumer experience and boost customer retention. AI isn’t the future, it’s the now.”
To date, the company says it has improved the collection rate to 33% on average with a 41% reduction of processing costs.
