Phi Commerce launches debt collection tool for banks and NBFCs
23 Oct 2024, 06:06 PMCollectiPhi-360 enables lenders to manage automated, doorstep, offline, partial, and bulk collections.
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Oct 22: Payments aggregator Phi Commerce has launched a new debt collection product suite, CollectiPhi-360 to enable financial institutions manage their collections efficiently and cost-effectively across multiple payment channels.
The new product suite will address various needs of lenders across industries and products like co-lending, term loans, BNPL, and supply chain financing. Essentially, CollectiPhi-360 enables lenders to manage automated, doorstep, offline, partial, and bulk collections, ensuring streamlined and efficient processes across multiple payment channels, according to the company.
“Currently, a large portion of the collection process for NBFCs and other lenders is still manual, leading to higher operational costs, errors in data entry and slower reconciliation. CollectiPhi 360 from Phi Commerce aims to tackle these challenges by offering multiple payment options including automated and partial collection options in one platform that will also include UPI Autopay, Phi Commerce’s proprietary product Split & Pay, AEPS, PoS App, e-NACH, and payment links,” said Tushar Shankar, co-founder and global head of sales at Phi Commerce.
CollectiPhi 360 will help lenders to consolidate their collections across online and offline channels. The platform will also provide real-time tracking and reconciliation, allowing lenders to monitor payments instantly, reducing the time to resolve payment disputes and reconcile accounts. CollectPhi-360 will offer omni-channel payment options, catering to borrowers across collection channels, ensuring flexibility and ease of payment for all types of borrowers, be it small NBFCs or large institutional lenders.
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