ARLINGTON, Va.--(BUSINESS WIRE)--Convoke, a leader in SaaS solutions for the debt collection market, today announced the most recent software update to its debt validation and third-party oversight platform. The platform’s first update of the year includes three new sought-after features: vendor management, direct pay and mortgage asset class.
“At Convoke, we’re devoted to building upon our existing software offerings to allow the platform to evolve alongside customer and industry needs. This latest update concentrates on solving three key issues for both credit issuers and debt collectors,” said David Pauken, CEO at Convoke. “After extensive development work, we are confident that these new features will bring further streamlined oversight and regulatory compliance to the debt collection market.”
With this update, Convoke’s customers may now request, review and monitor business level information for their third-party vendors. This includes financial statements, insurance certificates, business licenses, training materials and logs, information security plans, and many other documents. The vendor management feature includes reporting, tracking and audit functionalities, which are all subject to rigorous security protocols.
With the direct pay feature, credit issuers and debt buyers can now seamlessly ensure that consumer account balances are quickly updated. Convoke will send a notification to debt buyers when direct payments from consumers have been received by the credit issuer. Debt buyers can then update the consumer’s account and upload evidence confirming that the appropriate amount was applied to the consumer’s account.
Mortgage Asset Class
In addition to existing loan categories of credit card, personal loans, student loans, and auto loans, Convoke will now support mortgage and home equity loans. These additions will allow customers to further integrate their collection efforts, help promote regulatory compliance and improve consumer treatment.
Convoke is a leader in SaaS solutions for the debt collection market. Its mission is to securely organize collection information across credit issuers and third party debt collectors, making it accessible and useful. This enables all parties to solve complex business issues, facilitate vendor oversight, and adhere to regulatory compliance requirements. Convoke’s online platform includes workflow tools to validate debt, obtain and track collection information from third parties, and promote responsible treatment of consumers. Convoke is headquartered in Arlington, VA. For more information on Convoke, please visit www.convokesystems.com.