FIntegrate and Solutions By Text Provide Text Communications and Payments for Debt Collections to Financial Institutions
FIntegrate announces integration of Solutions By Text technology with its collections and recovery solution for financial institutions to provide fast, automated, convenient customer communication and payment via text.
FIntegrate Technology (FIntegrate) announced a strategic partnership with Solutions By Text to extend the full advantages of SMS communications, payments and compliance to financial institutions that use its FusionCRS collection and recovery solution.
“Integrating Solutions By Text’s technology into FusionCRS will enable financial institutions to use text messaging to communicate with customers and quickly accept payments. Enabling communication over this widely preferred channel speeds up collection times and reduces compliance costs,” said Kris Bishop, FIntegrate’s CEO. “We chose Solutions By Text because of its powerful and compliant suite of secure messaging services as well as its comprehensive reporting capabilities for regulators and auditors.”
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FusionCRS is a collection and recovery system designed and developed exclusively for credit unions and banks to help identify potential loan loss accounts in advance, automate communications, and reduce manual efforts to increase collections. The solution accommodates delinquency loan collections through charge-off recoveries, special assets and shadow accounting. It can also manage non-delinquent watch-lists, overdraft accounts, credit card collections, mortgage collections, fraud account and regulatory compliance and reporting.
“We’re excited that FIntegrate has chosen to partner with Solutions By Text and confident that financial institutions will benefit greatly from our combined technology. Our experience clearly shows that text messaging often gets through where mail and direct phone contact fail,” said Danny Cantrell, Solutions By Text’s founder and CEO. “With our 2-way texting service, collection specialists will have the opportunity to open a real-time dialog with customers and accept payments on the spot.”
SBT Text Pay™ provides a three-step, text payment system that complies with industry regulation by requiring confirmation and double approval. Solutions by Text provides customer identity authentication to validate customer phone numbers and an opt-in data capture function to ensure TCPA compliance. By combining technologies, FIntegrate and Solutions By Text offer a suite of fintech solutions to current and future FusionCRS customers for improving the efficacy of collections and streamlining the process, resulting in increased revenue and reduced costs.
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