Collection Management System is a solution that is introduced to reduce, manage and mitigate risk of past due amounts from loan takers/cardholders or delinquent accounts. This automated system monitors the customer’s accounts which have unpaid arrears in order to track any amount that becomes available, and blocks it against these arrears, before being drawn or used by the customer.
Collection Management System drives efficiency by providing the financial institution with the ability to automate collections, recovery and tracking of past due accounts. It streamlines the tracking and monitoring of different types of arrears, using the criteria that was set by the financial institution, according to its needs. The system provides also the financial institution with the facility of choosing from many different criteria, such as arrear type, amount, due date and priority.
The system is easy-to-use that empowers the financial institution to efficiently have control of collecting on arrear accounts. It gives the access to agent & banks to track the collections efficiently.
Key features that are available to a Banks/Financial Institutions and their partner are-
The entity titled ‘Bank’ refers to the entity that is the originator of the collection request. The Collection Management System allows Bank Create/Edit/Delete , Creating Product master, mapping the Bank to the customer segmentation, DPD bucket, Value bucket, NPA, Template document and Create/Delete PCDVN.
The entity titled “Agency” refers to the organization that executes contracts with Banks to perform collections on behalf of the Bank by interacting with the loan taker/cardholders.
The Collection Management System allows Agency Create/Search/Edit/Delete use cases and mapping the Bank agency PCDVN mapping, tracking and maintaining of specific case, follow up, re-assignment of case, escalations and legal case filing.
User registration with register mobile number and email id, User login using PIN and OTP
Supports front end channels like online portal, POS devices, android devices application which will be developed for merchants, agents, banks and so on
This above features helps the processors and banks can consumer support from agents or 3rd party agencies to collect amount from consumers using credit cards, debit cards or cheques or online payments.
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