Paycepaid, an emerging debt collection software provider, has announced it will use consumer-consented financial data provided by Envestnet®| Yodlee® under Australia’s Consumer Data Right (CDR) to assist with near real-time financial hardship assessment of its customers. 

This will allow Paycepaid to make informed data-led decisions about a customer’s ability to repay debt and help people become debt-free.

“When open banking first began in Australia, it was primarily used only for credit applications, but we’re using it for a different purpose. Our focus is on repayments and helping people get on top of their debts,” said Paycepaid founder and CEO Bill Mali.

“From a customer’s point of view, we will be able to assess hardship in near real-time and align that with the customer’s ability to repay a debt. It’s fairer, easier and a more purpose-led way of doing business. 

“We take a holistic point of view and by using the CDR we can make informed decisions. The repayment schedule can change as a customer’s financial position changes,” said Mr Mali.

Paycepaid is a customer-centric, hybrid debt collection solution that empowers businesses to manage their end-to-end collections cycle while providing their customers with simple payment options, avoiding awkward conversations and reducing financial stress and anxiety. 

Envestnet | Yodlee’s Director of Business Development A/NZ, Taner Uzelakcil said: “When customers apply for financial hardship, it’s vital to ensure you have the best data to support them efficiently and avoid further slippage. As a CDR Representative of Envestnet | Yodlee, Paycepaid can access live bank data to confirm important financial factors like income & expenditure and set up a personalised solution. This helps customers get back on their feet.”

Paycepaid has a portfolio of clients including major players in the telecommunications sector, top-tier lenders, financial institutions and healthcare.