San Francisco, CA (PRWEB) February 1, 2008
Convoke Systems announces the most innovative and efficient on-demand software solution for the management and distribution of charged off account media and chain of title tracking for the financial services and accounts receivable management (ARM) industries.
Convoke Systems' state of the art solution provides credit issuers and all subsequent debt buyers or third party agencies with the ability to manage media and track chain of title, from charge-off to debt resolution. "Convoke Systems is the first technology company dedicated to bridging the gap between both industries as it relates to these complex issues," said Gary Portney, President and CEO, Convoke Systems.
The Convoke solution gives original credit issuers the ability to securely and reliably post account level data and documents to Convoke, while permitting debt buyers with right, title and interest to those accounts, the ability to securely access, retrieve and download the data and documents as needed in the recovery process.
Original credit issuers and the ARM industry are faced with several acute pain points caused by increased demand for media and legislative and judicial compliance requiring media and accurate chain of title information as a prerequisite to enforcement of these legitimate consumer obligations. These acute pain points have facilitated the need for new technology solutions. Convoke Systems is revolutionizing the industry by meeting these demands and providing a solution that will significantly increase recovery rates, increase the value of credit issuers charged-off assets, improve overall industry revenues and help our partners stay compliant with ever changing state and federal legislation and judicial opinions.
According to the Federal Reserve consumer debt reached $2.46 Trillion in June 2007. Charge-off credit card debt sold in 2006 totaled $59.14 billion. "The industry is expanding and requires technologies that will improve efficiencies and help it to stay compliant with changing laws and judicial rulings. Convoke is dedicated to providing technologies that will satisfy the demand," said Gary Portney, President and CEO, Convoke Systems.
About Convoke Systems
Convoke Systems is dedicated to bridging the media fulfillment and chain of title management gap between original credit issuers and the accounts receivable management industry. The Company has been in stealth mode since early 2006, and has assembled a group of industry and technology experts to develop solutions that will meet the needs of the industry. The Company is privately held.
For additional information about Convoke Systems, visit our website at http://www.convokesystems.com or contact us at 415.395.4472.
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