Paycepaid selects Envestnet | Yodlee to supply synchronised data for holistic customer financial hardship assessment

Paycepaid selects Envestnet | Yodlee to supply synchronised data for holistic customer financial hardship assessment

Paycepaid, an emerging debt collection software provider, has announced it will use consumer-consented financial data provided by Envestnet®| Yodlee® under Australia’s Consumer Data Right (CDR) to assist with near real time financial hardship assessment of its customers.

The purpose of the collaboration is to allow Paycepaid to make informed data-led decisions about a customer’s ability to repay debt and help people become debt free.

“When Open Banking first began, it was primarily used only for credit applications, but we’re using it for a different purpose. Our focus is on repayments and helping people get on top of their debts,” said Paycepaid founder and CEO Bill Mali.

“From a customer’s point of view, we will be able to assess hardship in near real time and align that with the customer’s ability to repay a debt. It’s fairer, easier and a more purpose-led way of doing business.

“We take a holistic point of view and by using the CDR we can make informed decisions. The repayment schedule can change as a customer’s financial position changes,” said Mali.

Paycepaid is a customer centric, hybrid debt collection solution that empowers businesses to manage their end-to-end collections cycle while providing their customers with simple payment options, avoiding awkward conversations and reducing financial stress and anxiety.

It adopts an innovative customer centric approach to hybrid debt collection and combining the strengths of both approaches to debt collection, Paycepaid offers a comprehensive holistic solution that ensures a better, more effective and personalised experience for its clients and their customers.

“When customers apply for financial hardship, it’s vital to ensure you have the best data to support them efficiently and avoid further slippage. As a CDR Representative of Envestnet | Yodlee, Paycepaid can access live bank data to confirm important financial factors like income & expenditure and set up a personalised solution. This helps customers get back on their feet,” said Envestnet | Yodlee’s Director of Business Development, Taner Uzelakcil.

Paycepaid has a portfolio of clients including major players in the telecommunications sector, top tier lenders, financial institutions and the Australian healthcare sector. The move also allows for the incorporation of experienced in-person debt collection teams into Paycepaid’s debt management platform, giving clients full visibility on debt collection with a dedicated account manager.