KapitalKontrol, a Norwegian debt management company, has teamed up with Neonomics, a leading open banking solutions provider, to offer a completely automated debt collection system that oversees all payments using Neonomics’ open banking platform. The objective of this integration is to boost productivity and security for KapitalKontroll’s clients, which include numerous Norwegian towns and both small and large firms nationwide.
“We are pleased to be working closely with KapitalKontroll to help further evolve the great work they’re doing in the debt management space. The combination of KapitalKontroll’s operating model and our open banking solution will help drive efficiencies across the business benefiting every stakeholder in the value chain”, said Christoffer Andvig, CEO, Neonomics.
Account-to-account payments are the best payment option for debt management service providers due to their effectiveness and security for both end users making payments and merchants needing collection services. However, municipalities all around Norway profit from KapitalKontroll’s low-fee business model, Following this partnership, they will be able to give customers a more secure option of making payments straight from their bank accounts.
The new system, which utilizes cutting-edge technology and advanced algorithms, aims to make the debt collection process more efficient and effective for both creditors and debtors. The system is able to automate much of the manual work involved in debt collection, such as sending reminders and making phone calls. Additionally, the system is also able to analyze and interpret financial data in order to create personalized payment plans for debtors.
One of the key features of the system is its ability to use natural language processing(NLP) and machine learning(ML) to understand and respond to debtors’ queries and concerns in a timely and empathetic manner. This will help to improve the overall customer experience, reducing the likelihood of disputes and complaints.
The system also includes a dashboard that allows creditors to easily monitor and manage their debt collection efforts. This includes real-time updates on the status of each debt and the ability to adjust payment plans as needed.
Kristoffer Årvik, CEO of KapitalKontroll said, “We are excited to work with Neonomics to enable fast, secure, and user-friendly payments for our customers and end users. We look forward to working closely together to deliver and further develop innovations within this space thanks to Neonomics mix of technical performance, cost, and support.”