Atlanta, GA – Cloud based software development company CITC Systems, Inc. are pleased to announce they have secured the final round of funding to complete and bring to market its world class integrated Collections and Recovery platform, Optimus.
Built upon a belief that client organizations are increasingly dissatisfied with the lengthy, cost prohibitive, resource intensive and disconnected approach utilized by most solution providers in the market, CITC Systems set about bringing together a core team of collections and recovery software and business professionals to design and build a new, modern solution to be delivered as Software as a Service (SaaS). Unlike most solutions available today, the Optimus solution is built from the ground up using latest technologies for deployment in the private cloud and comes ready to launch with configurable strategies, workflow, compliance oversight and reporting across the entire collections and recovery lifecycle from early first party collections through to third party agency management. Optimus provides fully integrated omni-channel consumer engagement capabilities including mobile web self-serve consumer portal with integrated payment wallet and payment/promise capabilities, 2 Way SMS and email channels to reduce call center costs, improve collection rates and mitigate process compliance risk.
We have been very fortunate to not only attract dedicated collections and recovery software industry veterans and visionaries with decades of experience, but also to have that vision shared by our funding partners, The Technology & Innovation Fund, LP (“T&I”). T&I is owned by former collections and recovery software pioneer Gordon Crawford, formerly Chairman of London Bridge Software Holdings plc and managed by former London Bridge Software Holdings plc CEO, Jon Lee.
Optimus is designed to efficiently and effectively manage a complete spectrum of collections and recovery use cases, for example:
Treatment strategy (workflow and rules) definition – Optimus utilizes industry standard BPMN2.0, Activiti and Drools in bi-directional graphical treatment strategy definition and execution. The graphical interface simplifies the definition of treatment strategies with workflow standard visual components and accurately deploys them into testing and productions environments. Optimus can generate a graphical representation of workflow usage and metrics at the enterprise level and individual account level. This feature supports improved strategy design and maintenance, audit and champion/challenger optimization. Clients are able to model the impact of strategy changes on processing and outcome volumes and model the impact of volume fluctuations and business environment variables on resource needs and costs.
Client organization hierarchy, agent workstation and queue management – Optimus permits the creation of organizational hierarchies that replicate any client enterprise including a security model that addresses corporations, regions/sub-regions, branches/operation centers and integral third-parties. Optimus utilizes modern AngularJS to create a highly flexible role-based user interface that optimizes presentation and user efficacy based on account, debtor and process characteristics. The use of AngularJS enables the provision of real-time graphical performance and work-queue indices to track and optimize agent performance, monitor for regulatory compliance, audit third party SLA adherence and other important KPI’s.
Digital engagement strategies – 85% of all customer service interactions will be automated by 2020 – Gartner. Optimus comes fully integrated with a digital engagement content and execution component that defines email and SMS content, messaging rules management with integral or client SMS aggregator integration, email services provider integration and payment systems provider integration. A client branded and definable consumer ‘any device’ self-serve portal enables clients to securely offer consumers self-serve options including opt-in for SMS and other notifications and initiate secure ‘webchat’ with client collector agent for assistance. Consumers can conduct their own income, expenditure and disposable income assessment via dynamic rules-driven web forms, securely create and update payment wallet information and make payments and/or promises to pay in accordance with client defined rules. The ability to deploy digital engagement strategies and offer self-serve facilities enables clients to optimize call center resources and engage with more consumers.
Agency Management and Compliance Oversight – The world of outsourced debt collection is changing rapidly. Lenders and their collection agency partners need to evolve and adapt to ever changing and demanding regulatory oversight and the blurring of the lines of regulatory accountability between the treatment of first party and third party debt. Lenders are obligated to exercise considerably more oversight over their agency partners and traditional approaches may no longer be enough. Optimus enables lender clients to seamlessly allocate work to their agency partners who in turn can work allocated accounts on the same collections platform as their first party lender client. Through the use of integral graphical and other monitoring tools, lenders have real-time oversight and management capabilities to identify agency performance, adherence to service level standards and adherence to compliance rules.
System of Record (SOR) for charged-off debt – Optimus is designed to manage all aspects of necessary ‘recoveries’ functionality in a single integrated application including bankruptcy/Individual Voluntary Arrangement (IVR) and other specialist processing requirements, payment apportionment, record of transactional history, computation of interest, fees, charges, ‘shadow accounting’ for bankruptcy, IVR or other arrangements and to operate if required as the system of record.