iState Systems has unveiled new collections functionality on its Apprivo system.
The new Apprivo application is geared towards everyone who has any involvement in collections, such as lenders, asset managers or specialist collection firms.
The app allows those involved in collections to interact with the borrower via their mobile phone. It flags up any arrears to the client early on, letting them know when they have missed a payment, when they need to make the next one and what the implications are of not doing so.
It also enables the lender or collections agency to send reminders.
Where there is a set deadline to pay back the amount owing, this will be flagged up to the client on their mobile phone and Apprivo will also enable them to complete the payment of the balance outstanding. Alerts and notifications will be generated to alert the customer to a change in account status or for actions required of them.
The borrower can also send through information and documentation by taking a photo of the document on their mobile phone and submitting it. The document then goes directly into the lender or collection agency’s system.
Barry Yager, director of iState Systems, said: “Apprivo collections has been designed to make the collections process simpler and more successful. It will speed up the time it takes for collections agents to communicate with the borrower and to gather payment.
“It will also speed up processing time and save cost as it eliminates the need for manual letters to be sent in the post and the wait from the consumer.”