FinTech Partnership Brings Open Banking to Credit Unions
ACI Worldwide’s Speedpay and Leading Loan Servicing Fintech – Constant - Modernize Customer ExperienceCollaboration ups customer digital engagement, increasing loan volumes and streamlines collections
MIAMI and FALMOUTH -- (BUSINESS WIRE) -- October 12, 2022 — ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, and Constant, a leading fintech in self-service loan management software, announced a partnership that will allow lenders to increase loan volumes, streamline their collection process, drive revenue and lower cost to serve. Pairing ACI Speedpay and Constant’s CX capabilities enhance the self-service experience for loan management driving greater digital engagement with customers. ACI Speedpay serves thousands of billers in the U.S.
Consumers are increasingly turning to digital when it comes to managing bill payments, including seeking out better self-serve experiences. According to industry research, 81 percent of consumers say they want more self-service options, with 95 percent of businesses seeing growth in self-service requests. More than 34 percent of consumers cited faster response times as their number one benefit.
“Keeping up with consumer expectations requires a more proactive focus, which is why Constant and ACI Worldwide held a tech summit with the leaders of top lending institutions to discuss how we can help them close the customer experience gaps today and tomorrow,” said Darcy Locke, head of consumer finance of the biller segment, ACI Worldwide. “With this collaboration, we are creating the next level of user experience for consumer finance lending, across all debt types and devices.”
Powered by ACI Speedpay’s comprehensive suite of products offering advanced bill payment capabilities and Constant’s enhanced user experience, lenders’ customers can self-serve for a greater number of loan servicing tasks that are typically handled manually. The expanded services will provide access to the most relevant payment services (debit, prepaid, credit, EMV and contactless), digital wallets (Apple Pay and Google Pay) and alternative payment methods (PayPal, Venmo, etc.)
“Many institutions are under pressure to expand their digital presence, respond to borrowers faster and generate revenue from existing customers. However, many of them still rely on legacy systems that limit automation, self-service and access to the payment methods and processing speeds that customers are demanding today,” said Catherine York Powers, chief executive officer at Constant. “Our partnership with ACI will help lenders quickly stand up a solution that meets a growing number of customer preferences. Against the backdrop of rising defaults and lower margins, we can help them drive revenue in the loan servicing experience,” she said.
Visit www.aciworldwide.com/acispeedpaypulse for more billing and payment insights.
About Constant
Constant is modernizing loan servicing, loss mitigation and collections with interactive, digital solutions that enable borrowers to better understand, manage and pay back their debts. Loan servicers can reduce costs dramatically and drive down errors and compliance risk, while driving revenue in loan servicing experience - without having to change their core servicing and related systems.About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure, and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.© Copyright ACI Worldwide, Inc. 2022
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.
Media contacts
Victoria Blanco
victoria.blanco@aciworldwide.comMary Beltrante
mbeltrante@constant.aiFinTech Partnership Brings Open Banking to Credit Unions
Portland, ME – August 19, 2021 - Constant, a fast-growing provider of digitized, self-service technologies for banks and credit unions, today announced that it has partnered with DirectID, a global credit risk platform, to transform digital loan servicing and loss mitigation for banks and credit unions across the globe. Their integrated solution will enable borrowers to self-serve for loan management tasks that usually require agent assistance. In addition, through the use of Open Banking, it will provide an accurate picture of the borrower’s financial situation and risk level so their financial institution can provide timely, hyper-personalized support or product offers.
Despite the digitization of the front office, loan servicing and loss mitigation processes are often still handled by people in the middle and back office who rely on manual, paper-based processes and green screen technology. This can lead to a delay in response times, costly errors, lost files, and increased non-compliance risk.
As consumer protection efforts increase, the need for efficiency, flexibility and openness between previously disparate systems and processes across the lifecycle of a loan is more important than ever. Together, Constant and DirectID leverage powerful insights from real-time banking data and incorporate that information into self-serve features, allowing for accurate information and thoughtful decisions around managing repayment of consumer debt or new, timely product offers - ultimately transforming the borrower’s journey.
“With an increasing number of borrowers demanding faster turnaround, servicers need to review and refresh their strategies for managing borrower interactions and empower consumers to self-serve wherever possible,” said Catherine York Powers, CEO of Constant. “Partnering with DirectID and integrating its open banking platform allows us to offer our mutual clients a fully integrated digital, yet still human-centric ecosystem, and ensure their differentiators shine across all channels, physical and digital.”
In order to explore and expand the use cases of Open Banking data in loan servicing and debt management, DirectID and Constant will work with five financial institutions in the US in a white-glove partnership program. The program will run for 12 months and includes discounted implementation and subscription fees of the Constant Digital Servicing Portal, as well as free consultation hours.
James Varga, CEO and Founder of DirectID, said: “As we continue to grow our reach and capability, having a trusted set of partners is critical to our future success. We are delighted to have signed this agreement with Constant. “As a global credit risk insights provider, redefining the traditional credit risk lifecycle is our global mission. By partnering with Constant we have an opportunity to transform digital loan servicing and loss mitigation for credit unions and banks globally. We’re really excited about the pilot solution and can’t wait to deliver the benefits of Open Banking to credit unions through their existing online banking experience.”
About Constant
Constant, a fintech founded in 2015, is transforming the outdated business of getting debt repaid by automating manual loan management tasks and empowering borrowers to self-serve. Constant modernizes loan servicing and loss mitigation with interactive, digital solutions that enable borrowers to better understand, manage and pay back their debts. Loan servicers are able to reduce costs by almost half and drive down errors, and compliance risk while improving customer experiences - without having to change their core systems.
About DirectID
DirectID is a Global Credit Risk Platform that is redefining the industry for both lenders and their consumers. By leveraging Open Finance and bank statement data, DirectID helps lenders understand their customers throughout the credit risk lifecycle, from onboarding through to collections & recoveries. Today DirectID powers some of the world's biggest brands from banking, consumer and SME lending through to the gig economy, gambling and others. DirectID’s Platform provides global access to bank data through over 13,000+ connections across 65 countries supporting access to over 1.5bn people through one simple integration. The insights provide solutions to common lending questions such as affordability, income verification, expense categorisation, cash flow, emerging financial distress and more, and are all available directly or through the Platform itself.
The business is authorised by the FCA to provide AISP (Account Information Service Provider) services within the UK market.
Visit direct.id for more information.
Media Contacts:
Mary Beltrante, mbeltrante@constant.ai
Liam Thomson, liam.thomson@direct.id
© 2022 Constant Energy Capital Management, Inc. All rights reserved.