The rapid growth of banking as a service (BasS) applications and the innovative services that they bring to market like customized credit cards and Buy Now Pay Later (BNPL), requires an equally modern understanding of debt management.
At Synapse, we want our customers to have a great experience across their entire financial journey, including debt collection if that arises, that’s why we’re excited to announce a partnership with TrueAccord Corporation. TrueAccord is a digital-first debt repayment services company that makes debt collection a personalized, empathic experience. Our partnership will bring the best collection and recovery capabilities of TrueAccord to our partners and customers.
Synapse chose TrueAccord because we share a deep respect for customers.
“We chose to partner with TrueAccord to add debt repayment services to Synapse’s BaaS ecosystem, because it aligns with consumer preference for a frictionless, digital-first financial services experience, especially when they fall behind,” said Sankaet Pathak, Founder & CEO of Synapse. “We want to ensure our customers have a good experience across all aspects of their financial journey, and providing that in collections is just as important for customer retention as it is in origination and servicing.”
TrueAccord’s Recover debt collection solution will service charged-off debt accrued through Synapse’s lending platform. Additionally, TrueAccord’s Retain solution for early-stage delinquencies will be available on a referral basis to the fintech partners in the Synapse ecosystem as an option to help get customers back on track with payments before they’re sent to collections.
“As a fintech company itself, TrueAccord knows the fintech business and customer better than most, especially in debt collection,” said Mark Ravanesi, CEO of TrueAccord Corp. “We speak the fintech language of consumer communication preferences, data and machine learning-driven technology, and no credit bureau reporting, offering customers a streamlined and hassle-free way to settle their debts and get back on track with their finances.”
With the best interests of our customers in mind, Synapse is excited to integrate TrueAccord’s personalized debt collection services. TrueAccord will help to ensure that if debt collection arises, our customers will have the best possible user experience.