New Regulation Leads to Wave of Innovation
- Written by Receivables Advisor
Innovation is the theme for CollectTECH19 energized by the ascent of Valor Intelligent Processing’s Gordon Beck and his ability to build an agency with the latest technology. Collections will experience disruption over the next five years characterized by a jolt in 2020 implementing email, text, voicemail and call limitations.
On the eve of updated regulation for accounts receivable, the industry is teeming with innovation to improve ROI. Here is a glimpse at some of the innovation CollectTECH19 attendees will see firsthand in November.
Go to CollectTECH19.com to see all the vendors ready to connect, teach and innovate.
Todd Santa Maria
“On a technical level, VoApps DirectDrop Voicemail is innovative because it is a very lightweight, cloud-based, web application,” said Todd Santa Maria, VP, Client Services at VoApps. “We can make updates and changes quickly, responding to the needs of the client base. Client feedback drives our development, and most new features we add start as a client need that we solve. We are constantly looking for the next change to the landscape and preparing multiple feature options to be able to react to the regulatory environment and keep our clients as safe as possible.
Solutions by Text
“Solutions by Text is a global cloudnative SMS platform that can deliver text messages to any mobile device in any country in any language,” said Vivek Rao, Senior Vice President, Products of Solutions by Text. “The platform was built from the ground-up with compliance as the foundation. The system complies with the TCPA (US), HIPAA (US) and CASL (Canada). It is a consent-based model where the receiver is required to consent to receive text messages. Consent is recorded and Solutions by Text serves as the system of record.”
“Telrock’s SaaS based enterprise-wide collection and recovery software platform is the most complete solution available via the cloud,” said Rob Fite, Vice President, Business Development and Marketing. “Below are some of the capabilities that are offered with our more modern technology: realtime processing, embedded digital channel messaging and consumer self-directed collection portal, omnichannel collection contact management, dynamic rules driven “smart” collector workbench, extensible database schema, end-user graphical workflow visualization, on-demand component deployment (Easily expose existing / new capabilities when you want them), centralized collection rules / strategy management engine, real-time reporting, and supports AI.”
Accelerated Data Systems
“We have developed our own app store to increase the speed of delivery and decrease the cost of development,” said Travis Pasch, Sales Director of Accelerated Data Systems. “The system comes standard with over 200 apps prebuilt. These apps can also be developed by your own IT staff. Nearly every field in AdvantEdge is customizable or configurable allowing the software to mold to your business rules.”
“The Integrated Receivables platform provides solutions for credit, collections, deductions, cash application, electronic billing, and payment processing – covering the entire gamut from credit-to-cash,” said Ranjith Poladi, Senior Digital Transformation Consultant of HighRadius. “HighRadius Integrated Receivables leverages Rivana Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes. The Integrated Receivables platform also enables suppliers to digitally connect with buyers via the radiusOnenetwork, closing the loop from the supplier Accounts Receivable process to the buyer Accounts Payable process.”
“At CompuMail, we continually invest substantial capital, time and resources in highperformance software, technology and equipment to optimize our communication platform,” said Stephanie Kaster, EVP and Chief Sales Officer of CompuMail. “The fastest growing method today is combined Print and Email delivery with response tracking. We currently offer three different email methods to meet different objectives, all of which are secure and compliant and follow industry best practices. Our optical reader tracking and reporting technology, coupled with our real-time on-line ticketing system keeps our clients engaged and informed 24/7 and also enables them to provide superior service to the clients they serve.”
Christian Kropac, Jr.
“PCI Group is a transactional direct mail provider,” said Christian Kropac, Jr., President/Co-owner of PCI Group. “We implemented the most advanced production process for critical communications in the world in July, 2015. Known as the White Paper Factory, this production process marries fully digitally composed files with in-line full color inkjet print production and intelligent insertion to deliver ultrasecure, highly accurate, variable datagenerated personalized communications. TrakPCI is our online, real-time account management system. Tied directly to our workflow production systems, TrakPCI provides customers 24/7/365 access to our workflow from the time they transfer data to us to the time their communications are mailed to the consumer’s mailbox.”
“DKBinnovative takes a company’s IT and cybersecurity, enhances their capabilities, and measures their impact,” said Keith Barthhold, CEO of DKBinnovative. “The result: fewer issues that compromise productivity, enhanced business owner performance visibility, the right infrastructure/vendor blend, and the appropriate tooling for maximized collection efficiency. “With this pragmatic approach, we provide what ARM clients need and break down the walls that crush IT productivity and maximized cybersecurity, enabling companies to use them as a more measurable and profitable differentiator for their clients.”
“FICO has rearchitected our collection solutions so that we now offer an integrated ecosystem, incorporating our powerful FICO Debt Manager along with two-way omni-channel communications and powerful analytics capabilities,” said Carol Byrne, Senior Director, Product Management at FICO. “FICO had a reputation for having the most functional solution, but it wasn’t affordable to smaller banks and credit unions. By rearchitecting our solutions to streamline integration and leveraging the Cloud, we can offer our ecosystem at a much more affordable cost, with faster and simpler implementation.”
Gordon C. Beck III
Valor Intelligent Processing
“Valor has embraced the era of technology and is taking full advantage of it,” said Gordon C. Beck III, President and COO of Valor Intelligent Processing. “Through omni-channel communication capabilities such as consumer facing apps, chat bots and text messaging, we are not going into this timid and are willing to blaze a trail that helps encourage everyone to jump into this amazing landscape of opportunity.”
Chris J. Roberts
Sentinel Development Solutions
“There are three things that I would point out as being representative of the innovation of eCollections, Sentinel’s collection platform: 1. Multi-channel communication support, eCollections has many features which integrate email and texting into your business practices with capabilities like automated email and text campaigns to support things like payment reminders and self-service payment portals,” said Chris J. Roberts, President and COO of Sentinel Development Solutions. “2. Advanced automation, eCollections enables the creation of automated processes for virtually everything within the platform. 3. Built-in extensibility, a software architecture and framework that enables rapid extensibility (enhancements to the software) that do not limit future upgrades.”
“The Interactions Virtual Agent has proven success across the complete debt lifecycle,” said Erin Stewart, Sales Director of Interactions. “Unlike traditional self-service applications, Interactions uses Conversational AI and ML combined with real-time, human-assisted understanding to engage in conversations with human-like accuracy. The improved accuracy, combined with unparalleled dialogue design, ensures effective talkoffs and scripts are used every time to increase customer experience and payment conversions, while significantly reducing agent minutes in your call center.”
Eli L. Smith
“As a leading ARM payment processor, Payment Savvy always has our finger on the pulse of the latest technological innovations,” said Eli L. Smith, Chief Operating Officer of Payment Savvy. “Our Fee-Free Payments program has an open API, allowing us to seamlessly integrate with all of the leading collection software platforms. This solution not only allows for payments via the traditional collection methods - phone and web - but also progressive technologies such as IVR and Pay-by-Text. As always, our payment models are custom-built to create the perfect solution for an agency.