Emerging debt collection software provider Paycepaid has partnered with Envestnet | Yodlee to supply synchronised data for holistic customer financial hardship assessment. Under this agreement, Paycepaid is set to leverage 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.

Envestnet | Yodlee – Paycepaid collaboration details Based on the information provided in the press release, the cooperation is going to enable Paycepaid to make informed data-led decisions in regard to a customer’s ability to repay debt, and also to assist people in becoming debt-free. Per the statement of Paycepaid founder and CEO Bill Mali, when Open Banking first started in Australia, it was leveraged primarily for credit applications, but the company uses it for a different purpose, having a focus on repayments and helping people get on top of their debts. From a customer’s point of view, the company will have the ability to assess hardship almost in real-time and have that aligned with the customer’s ability to carry out debt repayments, a way of businesses that the spokesperson considers to be increasingly fairer, easier, and ‘purpose-led’.

Adding on this, the official said that the company takes a holistic point of view and is enabled to make informed decisions as it uses the CDR, with the repayment schedule having the possibility for change concomitant with a customer’s financial position change. The announcement further highlights that Paycepaid is a customer-centric, hybrid debt collection solution that seeks to enable businesses to manage their end-to-end collections cycle while also providing their customers with simple payment options to avoid awkward conversations and decrease financial stress and anxiety alike. Commenting on the collaboration, Envestnet | Yodlee’s Director of Business Development A/NZ, Taner Uzelakcil stated that whenever customers apply for financial hardship, ensuring that the best data is available to support them in an efficient manner and to avoid additional slippage is considered vital.

Being a CDR Representative of Envestnet | Yodlee, Paycepaid is enabled to access live bank data in order to confirm important financial factors such as income and expenditure and set up a personalised solution, something that the company representative believes to help customers get back on their feet. As per the press release, Paycepaid’s client portfolio includes players within the telecommunications sector, lenders, financial institutions, and healthcare. Envestnet | Yodlee recent developments When talking about Envestnet | Yodlee development strategy throughout 2023, the company had several collaborations that focused on enabling the sharing of financial data.

The most recent one is the June announcement that it partnered with American Express for an API-powered data sharing agreement that would provide additional digital banking options for consumers without compromising their account security and offering a simple connection to their trusted financial tools. In April, financial management and data-sharing app diñeiro selected the company to supply financial data and analytics to help mortgage brokers better understand a borrower’s financial position. Prior to this, February saw Envestnet | Yodlee become the official Open Data API provider of multinational data analytics and consumer credit reporting company Experian in Australia.

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