FinTech lending platform Vergent LMS has formed a partnership with Outsourcing Solutions Group (OSG) — a consortium of accounts receivable (AR) service providers — to integrate AR management solutions for clients.
“All lenders, regardless of size, face challenges managing and growing their businesses,” the companies said in a news release Tuesday (Feb. 1). “Vergent and OSG have collaborated to develop a comprehensive solution designed to assist clients by optimizing the management and recoveries of their delinquent loan portfolios.”
The companies say OSG will allow Vergent lenders to combine debt collection with debt sales, which will help clients who want to liquidate defaulted accounts while improving recoveries over their defaulted portfolios.
“OSG provides a vital service for lenders, and we’re looking forward to how they will serve lenders through our platform,” said Scott Putnam, CEO of Vergent. “As we continue to build a comprehensive solution, this additional consortium of accounts receivable resources will be vital to our lenders.”
Based in Mississippi, Vergent was founded in 2006 and works with lenders in the U.S., Canada, Mexico and Central America. The company says it offers software “that adapts to any business” and has helped service more than $690 billion in loans.
As PYMNTS research has shown, many CFOs consider digitization of AR and accounts payable (AP) crucial to increasing the lifetime value of their customers. In fact, 70% of chief financial officers said they are digitizing AR/AP for that reason.
In addition, more than half of the CFOs said they are making AR/AP more transparent (70%) and more efficient (61.5%).