LENEXA, Kan., Jan. 5, 2022 /PRNewswire-PRWeb/ -- TrueAccord Corporation, a debt collection company offering ML-powered digital recovery solutions, today announced a partnership with Synapse as an expansion of its Collections-as-a-Service offering. The partnership will bring the best-in-class collection and recovery capabilities of TrueAccord to Synapse's fintech partners and customer base, integrating collections into the customer-centric fintech ecosystem.
Given the rapid growth in fintech lending and banking-as-a-service (BaaS) and the steady rise in delinquencies, consumers are expected to fall behind on their payments and require assistance to repay their debts. Synapse, a BaaS platform that provides the infrastructure and leverages APIs to enable companies to quickly build and launch best-in-class financial services, selected TrueAccord to join their growing tech stack of fintech partners with similar approaches to financial services and customer experience to address the need for debt collection when it arises.
"We chose to partner with TrueAccord to add debt repayment services to Synapse's BaaS ecosystem because it aligns with consumer preference for a frictionless, digital-first financial services experience, especially when they fall behind," said Sankaet Pathak, Founder & CEO of Synapse. "We want to ensure our customers have a good experience across all aspects of their financial journey, and providing that in collections is just as important for customer retention as it is in origination and servicing."
Through an API integration, TrueAccord's Recover debt collection solution will service charged-off debt accrued through Synapse's lending platform. This will expand the Synapse fintech suite to follow a customer from loan origination to application and all the way through to collections, if needed. Additionally, TrueAccord's Retain solution for early-stage delinquencies will be available on a referral-basis to the fintech partners in the Synapse ecosystem as an option to help get customers back on track with payments before being sent to collections.
"As a fintech company itself, TrueAccord knows the fintech business and customer better than most, especially in debt collection," said Mark Ravanesi, CEO of TrueAccord Corp. "We speak the fintech language of consumer communication preferences, data and machine learning-driven technology, and no credit bureau reporting, offering customers a streamlined and hassle-free way to settle their debts and get back on track with their finances."
With open banking on the rise, more companies will look for ways to incorporate collections into their service offerings. TrueAccord's industry-leading Collections-as-a-Service product will enable fintech innovators to scale their businesses and offer best-in-class recovery with a customer-centric approach.
To learn more about TrueAccord, its API and built-in collections solutions, click here and follow @TrueAccord on Twitter and LinkedIn.
About TrueAccord
TrueAccord is the intelligent, digital-first collection and recovery company that leaders across industries trust to drive breakthrough results while delivering a superior consumer experience. TrueAccord pioneered the industry's only adaptive intelligence: a patented machine learning engine, powered by engagement data from over 16 million consumer journeys, that dynamically personalizes every facet of the consumer experience – from channel to message to plan type and more – in real-time. Combined with code-based compliance and a self-serve digital experience, TrueAccord delivers liquidation and recovery rates 50-80% higher than industry benchmarks. The TrueAccord product suite includes Retain, an early-stage recovery solution, and Recover, a full-service debt collection platform.
Media Contact
Noelle Robillard, TrueAccord, +1 (305) 401-3467, [email protected]
SOURCE TrueAccord
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