Flexys partners with Moneyhub to ‘revolutionise’ collections industry

UK-based supplier of collections management technology Flexys has formed a partnership with Open Finance data and payments platform Moneyhub to integrate Open Banking capabilities into the collections process.

Through the partnership, which combines Flexys’ experience in collections management with Moneyhub’s Open Banking technology, the aim is to create a more transparent, efficient, and customer-centric collections process.

Flexys’ cloud-based software uses real-time data and automation to help improve collection rates.

James Hill, chief executive officer of Flexys, said: “We’re delighted to be joining forces with Moneyhub and are excited about the possibilities.

“Open Banking technology will revolutionise collections, helping our clients to provide an improved experience for their customers.”

The integration of Moneyhub’s Open Banking solutions into Flexys’ platform will provide instant access to real-time information that can produce more precise income and expenditure evaluations.

The outcome is that individuals can be offered the most suitable forbearance options and in half the time it typically takes to agree an affordable forbearance plan.

The two companies stated that a targeted approach will increase the chances of successful repayments, at the same time as reducing the risk of defaults.

Suzanne Homewood, managing director at Moneyhub, added: “Open Banking offers the collections industry an exciting opportunity to reduce their OPEX costs, and the time and stress that customers face when things change and they find themselves in a forbearance journey.

“Partnering with Flexys enables us to supercharge the collections process, in the way we have done with originations. We are extremely excited to see how this partnership can spearhead change.”

In February this year, Moneyhub was accepted as a supplier on Crown Commercial Service’s new Open Banking Dynamic Purchasing System, through which government organisations and public sector entities will be able to purchase Moneyhub’s Open Banking and payment services.