Global FinTech, DirectID, has announced the launch of its collections and recoveries solution that the company says will simplify and streamline the collections process for both collections agents and their customers.

Using bank data, collections agents will have an up-to-date and accurate view of a customer’s financial statement and an assessment on their disposable income, and thus, how much they can afford to repay.

The product combines DirectID’s categorisation engine with the categories defined within the Standard Financial Statement.

For individuals who have built up large amounts of debt, it removes the stress and uncertainty. The use of bank data negates the need for them to supply lots of details around financial commitments with existing creditors.

Currently, collections agents can spend a large volume of time with a customer assessing how much income they have, and what their discretionary and non-discretionary spend looks like. This process is prone to error, as customers can make errors, downplay spend, or deliberately mislead, in an attempt to keep repayments low.

DirectID’s product circumvents the often unpleasant collections process and minimizes discussion from a period of weeks to just minutes.

James Varga, CEO of DirectID, said “Once again, the capabilities of bank data have allowed us to build a new tool that is unrivalled and unparalleled anywhere in the market. We know the challenges that banks and lenders have inaccurately establishing applicant income, and now, using our experience in bank data we have a solution that will present this information in mere seconds.”

“The operational savings in time and resource this could provide for banks and lenders is immense. Combined with the ability for seamless onboarding and responsible lending I would strongly encourage anyone who requires accurate income information to visit The ID Co. website for more details.”