The German Artificial Intelligence-based collections company collectAI has partnered with payments provider Pay360 by Capita for its UK launch. With collectAI as the tech provider, Pay360 aims to build a branded receivables management solution for its business and government clients. By partnering with Pay360, collectAI, an Otto Group subsidiary company launched in 2016, may continue to scale internationally.
“collectAI brings receivables into the digital age: our technology provides access to all digital communication channels and ensures frictionless payments,” indicated collectAI COO Steve Emecz. “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.”
The partnership also helps Pay360 to bring a new dimension to the existing receivables process in the UK. Leveraging AI with a Machine Learning approach aims not only improve the customer experience of late payers, but also provide a cost reduction to businesses chasing payments through smart automation and the use of digital channels.
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With late payments reportedly currently costing UK businesses more than 2,3 billion EUR (Bacs, July 2017) per year, the collaboration will ideally modernize the receivables industry and enable consumers to engage and settle outstanding balances via their preferred communication channels, and payment methods.
“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,” added Pay360 Managing Director Stephen Ferry. “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.”