TrueAccord Corporation, a debt collection firm providing machine learning or ML-powered digital recovery solutions, recently 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.”
The update further noted that given the steady growth in Fintech lending and banking-as-a-service (BaaS) and the rise in delinquencies, consumers are “expected to fall behind on their payments and require assistance to repay their debts.”
Synapse, a BaaS platform that offers the infrastructure and leverages APIs to enable firms to build and launch “best-in-class” financial services, chose TrueAccord to join their technology stack of fintech partners with “similar approaches to financial services and customer experience to address the need for debt collection when it arises.”
Sankaet Pathak, Founder & CEO of Synapse, stated:
“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. 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.”
Via 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,” the update noted.
Mark Ravanesi, CEO of TrueAccord Corp., remarked:
“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 firms will look for ways to “incorporate collections into their service offerings.”
TrueAccord’s Collections-as-a-Service product will “enable fintech innovators to scale their businesses and offer best-in-class recovery with a customer-centric approach,” the announcement noted.