News Article

IT & Internet

New software enhances speed of International Collections

By CreditMan Wednesday, November 30, 2011

Euler Hermes Collections UK, a company of Allianz, has launched a new software platform that will considerably enhance the speed and efficiency of its current UK and international debt collections service.

The new system, which has been developed specifically for Euler Hermes Collections over the last 12 months, will provide customers with online access to all of their cases placed anywhere in the world, via a dedicated client portal. “Clients will be able to review in real time the status of any outstanding debts and see instantly what debt recovery actions have been taken, giving clients a clearer picture of when they can expect payment from their debtors,” says Phil Mercer, Managing Director of Euler Hermes Collections UK.

The investment in this new IT system reflects the importance Euler Hermes places on their collections service, which last year received more than £1bn of debt placements spread over 100,000 debts in over 120 different countries.

The new system means that when a collection instruction is received, it is automatically routed to the relevant debt collector located in the country of the debtor and will result in the debt collection action being activated without delay by professional debt collectors. The collectors will be native speakers of the relevant country with dedicated training and in-depth knowledge of the local collection and legal frame work.

“At every stage of the process, we can adapt our collection strategy around our client needs and keep them fully informed,” Phil says. “Workflows are all entered onto the system and a total audit trail for each case is available. With instant visibility, the speed of decision-making – for example if we would wish to take legal action – is vastly improved.”

Should legal action become necessary, Euler Hermes can provide lawyers who specialise in the trading laws of the individual country involved: “We will discuss the case with you in detail – in particular the likely cost and time implications of any legal action you may wish to consider,” Phil adds.