Pay360 by Capita announces it has partnered with Artificial Intelligence (AI) based collections company, collectAI, an Otto Group subsidiary.
The partnership enables Pay360 to bring a completely 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.
Pay360 is the third white label dunning client for collectAI. The partnership will enable the fintech to continue scaling internationally by entering the UK market with Pay360.
With late payments currently costing UK businesses more than £2 billion per year, the collaboration will modernise the receivables industry. It will enable consumers to engage and settle outstanding balances via their preferred communication channels, and payment methods.
Stephen Ferry, managing director, Pay360, said: “Giving consumers choice and convenience is key when it comes to payments. 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 a new era of ‘smart payments’ based on the needs and behaviour of the end consumer.”
Steve Emecz, CCO, collectAI, continued: “collectAI brings receivables into the digital age: 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.”