Automated collections software for payment plan management and debt recovery

Yes – Aryza Recover allows you to manage defaulting businesses appropriately through an automated series of communications, gathering information on affordability and signposting them to an appropriate outcome. The system can automate payment plans, payment breaks, collections and provides an assisted version so your agents can get involved when they need to.

Collections journey remains entirely in your control

Reduction in the requirement for collections staff

High rate of engagement with customers compared to traditional collections methods

Customers able to self-serve at a time they want and using their preferred device

Agent interface allows an assisted journey if required.

Another option is to direct the customer into an assisted journey at the time of their query. This could then be automatically passed to an agent to help resolve the query via direct contact or live chat. Anything logged within this part of the process will also be reflected in the final SFS.

Within the assisted journey the SFS guidelines are presented to the agent to allow them to discuss the underlying guideline assessment versus the actual expenditure of the customer. This allows for the agent to identify expenditure savings and any budgeting reallocation. For example, to identify the amount being spent on gambling by the customer and therefore to recommend an appropriate amount, or to highlight further support that the customer may need.

If open banking is not selected the customer is required to manually input their income and expenditure, which may take longer to complete than open banking.

The manual journey predominantly allows the customer to locate and enter all their personal financial information, however other non-open banking information sources can be used. Aryza can also incorporate wider data sets at the customer level to provide additional assessment of manually entered information. Data sets that can be made available will include ONS data, Experian Mosaic, SFS guidelines, Vulnerability Registration Service, Breathing Space portal, English and Scottish Insolvency Registers, personal insolvency payments information, Equifax, TransUnion and Experian credit bureau data, electoral roll, DVLA data, Glass’s car valuation guide, Zoopla house valuation, CIFAS, bereavement registers, Bank of Ireland’s own proprietary data for Customer cross checking and AML checks.

Presentation of income and expenditure detail is presented to the customer in a format aligned with the SFS or alternative, securely on-line, and in downloadable format.

The identity of the Customer is validated prior to accessing open banking by using AML authentication. These validation mechanisms will vary depending upon the open banking provider, for example Experian open banking will use bureau data to validate name and address details against bank account data.

Personal financial information is validated multiple times before it is made available for the affordability assessment. Firstly, the debit or credit transactions extracted from the bank account records are identified by the open banking provider and categorised into type. The accuracy of the automated recognition varies by provider, and most providers that Aryza works with exceed 96% categorisation accuracy. Secondly, the uncategorised transactions will be presented back to the Customer for manual identification, and these will then be updated. Lastly, the Customer is presented with categorised transactions grouped within the income and expenditure template in the Standard Financial Statement (SFS). If gaps or irregularities are seen at this stage they may be amended.

Aryza has the capability to utilise Experian’s open banking within this journey, and we have integrations with the following regulated providers and are flexible to incorporate more; Tink, MoneyHub, Friendly Score and Account Score. Aryza conducts suitability assessments on each provider to ensure that they contribute positively to the customer journey.

Aryza Recover can link with existing operations to add depth of information to all customer records

• Provide an in-depth and accurate overview of finances based on open banking and credit bureau data.
• Convert the data gathered into a Standard Financial Statement (SFS).
• Apply rules to the SFS and provide an ‘advice model’ that presents the consumer with the best outcome for their current position.
• Store the data in a secure Azure server.
• Seamless transfer into CRM systems.
• Agent assisted interface allows your agents to talk customers through the digital journey if required.
• Customers can simply upload documents to complete their application.

Yes – all Aryza products will help customers through their journey and provide you with the tools to monitor and record their progress. As they go through the process you will want to give them as much support as you can, and Aryza Engage allows you to give your customers additional support and guidance to improve their financial position and plan for improving their financial position.

Inevitably some customers will fall into payment difficulties with their account. Aryza Recover allows you to manage this situation sensitively through an automated series of communications with customers that are defaulting, gathering information on affordability and vulnerability, and signposting the customer to an appropriate outcome. The system can automate payment plans, payment breaks, collections and provide an assisted version so your agents can get involved when they need to.

• Live chat or ‘robo’ chat can be integrated simply into the products.
• Payment engines are included in all versions.
• Campaign management is simply definable by your users in a sophisticated administration area.
• Users can manage their own accounts and easily change details in a simple account interface – all protected by two-factor authentication.
• Change personal address details.
• Manage usernames and passwords.
• Manage standing orders and direct debits.
• Ability to automate full and final settlement negotiation, and management of windfalls.
• SMS, email and document templates can be uploaded and dispatched within the in-built CRM.

Aryza has recently joined the Vulnerability Registration Service (VRS), a move that will help clients better identify vulnerability and support customers. The VRS is the UK’s first central vulnerability database and provides people with a single place to register their vulnerable status – completely free of charge