With collectAI as the technology provider, Pay360 will build a branded receivables management solution for its business and government clients. The AI-based collections company collectAI is an Otto Group subsidiary company launched in 2016 that now has €40m receivables under management. Pay360 is the third white label dunning partner for collectAI, amongst a further 20 clients from medium and large businesses.
The partnership helps Pay360 to bring a new dimension to the existing receivables process in the UK. Leveraging AI with a machine learning approach not only improves the customer experience of late payers, it also provides a cost reduction to businesses chasing payments through smart automation and the use of digital channels. With late payments currently costing UK businesses more than €2.3 billion per year, the collaboration will modernize the receivables industry. It enables consumers to engage and settle outstanding balances via their preferred communication channels, and payment methods.
“collectAI brings receivables into the digital age,” CCO Steve Emecz said. “Our technology provides access to all digital communication channels and ensures frictionless payments. 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.”
“Giving consumers choice and convenience is key when it comes to payments,” Pay360 managing director Stephen Ferry said. “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. 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.”