collectAI, a Hamburg-based AI account receivables management company, has officially expanded into the UK, through a partnership with Pay360 by Capita.
collectAI stands to improve its customer experience by using digital communication channels and payment solutions to innovate and digitise invoicing. Incorporating AI and machine learning into Pay360’s business model will improve the customer experience of late payers as well as providing a cost reduction to businesses using smart automation and digital channels to chase payments.
Founded in 2016, collectAI is part of Germany’s largest e-commerce retailer, the Otto Group. It currently has €40 million receivables under management and has improved the collection rate to 33% on average. It has also overseen an overall reduction of the processing costs of 41% by utilising AI-based smart payments, digital communication channels and payment solutions to disrupt and innovate the invoicing, reminder mechanism and debt collection process.
Pay360 by Capita
Pay360 by Capita is a UK-based Payment Service Provider with over 20 years’ experience providing secure payment solutions. With late payments currently costing UK businesses more than €2.3bn per year, the collaboration between the two companies will modernise the receivables industry. It will enable consumers to engage and settle outstanding balances via their preferred communication channels, and payment methods.
“collectAI brings receivables into the digital age; our technology provides access to all digital communication channels and ensures frictionless payments,” said Steve Emecz, CCO of collectAI.
“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 helps Pay360 to bring a new dimension to the existing receivables process in the UK.
“Giving consumers choice and convenience is key when it comes to payments,” said Stephen Ferry, managing director of Pay360.
“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.”
Contributed | what does this mean?