CreditSoft Solutions and NLP Logix Announce Integration of Propensity to Pay Algorithm to Collections Software
Advanced machine learning algorithm scores the probability a consumer will pay a debt with higher accuracy than traditional scoring approaches.
JACKSONVILLE, Fla., Nov. 13, 2019 /PRNewswire-PRWeb/ -- Based in Adelaide, South Australia, CREDITSOFT Solutions is the leading Australian provider of debt recovery and receivables management software and services, who for years has been providing state-of-the-art technology to meet the needs of credit managers. With today's announcement, CREDITSOFT Solutions will be adding advanced artificial intelligence (AI) to its technology offering, which has consistently proven to provide significant increases in consumer debt recoveries compared to traditional account scoring techniques whilst also reducing resource allocation on low scoring debts. To bring this new technology to the Australian market, CREDITSOFT Solutions has teamed with NLP Logix who are located half-way around the globe in Jacksonville, Florida. NLP Logix is one of the fastest-growing machine learning/AI companies in the US, with a well-established, core technology product-offering that scores consumer debt, called "Paypensity."
"We met the NLP Logix team at the annual Association of Credit and Collections Professionals conference in San Diego, California this past July, and we were impressed with the experience and depth of their team," said Mark Draper, Chief Executive Officer and Executive Director, CREDITSOFT Solutions. "It was great that NLP Logix had already proven their value over the previous years to US-based collections companies, but to see that they have also been recognized on the international stage for training computers to identify cancer, and most recently being awarded a contract to apply AI to support the F-35, speaks to the level of experience they can bring to our customers."
The core function of Paypensity is to provide a dynamic score between one and ten, which indicates the probability a consumer will pay a debt. The advanced machine learning algorithm that integrates with the collections software is trained using data sources such as past consumer transactions, debt age and amount, as well as external sources that CREDITSOFT Solutions can access and aggregate, such as Australian Census and rental data. Consumer debt recovery companies who submit their outstanding accounts to CREDITSOFT Solutions, with the integration of this AI, are within minutes, given the propensity to pay score.
"We are very excited to be working with CREDITSOFT Solutions," said Katie Bakewell, Lead Statistician and Paypensity Product Lead. "The advanced computing infrastructure built and maintained by CREDITSOFT Solutions allows us to develop and deploy our Paypensity solution all within their secure data center in Australia. This allows for even faster turnaround times for CREDITSOFT Solutions customers."
To learn more about Paypensity please visit http://www.paypensity.com or if you are in Australia please contact CREDITSOFT Solutions at http://www.creditsoft.com.au.
About NLP Logix
NLP Logix is one of the fastest-growing machine learning/AI companies in the US. The Jacksonville, Florida-based company has been delivering automation and machine learning solutions across many industries for over eight years. For more information, please visit http://www.nlplogix.com.
About CREDITSOFT Solutions
CREDITSOFT Solutions provides innovative and cost-effective technologies to a range of businesses within Australia, specialising in solutions for the financial services industry. CREDITSOFT Solutions is headquartered in Adelaide with offices in Sydney, Gold Coast and Brisbane.
SOURCE NLP Logix
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