Akuvo Adds Alacriti’s Loan Payment Processing Solution to Collections Platform

Akuvo and Alacriti teamed up to offer financial institutions a loan payment processing solution that integrates directly into the collections process.

Alacriti’s Orbipay EBPP loan payment solution will be integrated into Akuvo’s collections platform, enabling seamless, in-platform loan payment processing, the companies said in a Tuesday (Aug. 6) press release.

“Our customers will now benefit from a more efficient, integrated solution that enhances visibility and operational efficiency across payments,” Mike Ruggiero, senior vice president of relationships at Akuvo, said in the release.

The loan payment experience enabled by this partnership covers loans that are current, delinquent and in collections, according to the release. As a result, this fully consolidated experience provides the financial institution with complete visibility across all their loan payments.

The integration also allows collections agents to process payments directly within the Akuvo platform, eliminating the need for them to switch between systems, per the release.

“Combining Alacriti’s payment capabilities with Akuvo’s collections platform creates a powerful tool for financial institutions,” Jamie Harris, chief sales officer at Alacriti, said in the release. “This integration delivers on our commitment to eliminate friction and barriers in the payments process for financial institutions.”

The PYMNTS Intelligence report “Platform Business Survey: The Rise of Embedded Payments” found that embedded payments address companies’ need to improve the customer experience, which has become a market trend across industries.

By improving payments and catering their businesses to customer bases that value easy buying experiences enabled by the latest technologies, businesses can access markets more quickly and increase market share through planned growth.

In July, Alacriti teamed up with Lumin Digital to enable financial institutions to offer a seamless loan payment experience by integrating Alacriti’s Orbipay loan payment solution with Lumin’s digital banking solutions.

Also in July, Akuvo partnered with collection agency TriVerity to ease the process of third-party charge-off collections through Akuvo’s cloud-based collections platform to help maximize credit unions’ recoveries from nonperforming loans.

The companies said at the time that Akuvo’s platform would enhance TriVerity’s offerings by delivering “guidance and improved workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.”