collectAI launches in UK with partner Pay360 by Capita
Revolutionising receivables through AI based, smart payments
Hamburg/London – collectAI today announced that it has partnered with Pay360 by Capita and with this its official UK launch. With collectAI as the technology provider, Pay360 will build a branded receivables management solution for its business and government clients. The Artificial Intelligence (AI) based collections company collectAI is an Otto Group subsidiary company launched in 2016 with today 40m EUR receivables under management. Pay360 is the third white label dunning partner for collectAI, amongst a further 20 clients from medium and large businesses. The partnership will enable collectAI to continue scaling internationally.
The partnership helps Pay360 to bring a new dimension to the existing receivables process in the UK. Leveraging AI with a Machine Learning approach not only improves the customer experience of late payers, it also provides a cost reduction to businesses chasing payments through smart automation and the use of digital channels. With late payments currently costing UK businesses more than 2,3 billion EUR (Bacs, July 2017) per year, the collaboration will modernise the receivables industry. It will enable consumers to engage and settle outstanding balances via their preferred communication channels, and payment methods.
Steve Emecz, CCO, collectAI, said: “collectAI 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.”
Stephen Ferry, managing director, Pay360, continued: “Giving consumers choice and convenience is key when it comes to payments. By working with strategic partners such as collectAI, we’re able to deliver a smarter, more efficient receivables process, that’s in line with today’s smartphone generation. Coupled with our ability to settle outstanding payments via the UK’s most popular payment methods, we’re edging towards an era of ‘smart payments’ based on the needs and behaviour of the end consumer.”
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Notes for editors
collectAI provides digitised, AI-based collection services to manage account receivables. Covering the end-to-end process from e-invoicing, dunning to debt collection it helps clients balancing between collection rates, costs and customer retention. With this, collectAI fundamentally improves the customer experience, putting the needs and behaviour of the end consumer to the centre of the service. It uses digital communication channels and payment solutions to innovate and digitise the invoicing, reminder mechanism and debt collection process. collectAI, founded in 2016, is part of Germany’s largest e-commerce retailer, the Otto Group. It currently has 40m EUR receivables under management and has to date managed to improve the collection rate at 33% on average with a reduction of the processing costs of 41%.
Pay360 by Capita is a UK-based Payment Service Provider with over 20 years’ experience providing secure payment solutions. Servicing a wide range of clients across the public and private sector, we help our clients deliver frictionless payment experiences across all payment channels – online, mobile, face-to-face and call centres. In 2017 alone, we processed over 249 million card payments worth over £9.5 billion and managed an additional £40 billion worth of transactions. Pay360 by Capita is part of the Capita Software Services division and wider (FTSE 250) Capita Group. Find out more – www.pay360.com
Capita is a leading UK provider of technology-enabled customer and business process services and integrated professional support services. Operating at over 450 sites across the UK, Europe, India and South Africa, Capita uses its expertise, infrastructure and scale benefits to transform its clients’ services, driving down costs and adding value. Capita is quoted on the London Stock Exchange (CPI.L). Further information on Capita can be found at: http://www.capita.com