Pay360 Turns To AI For Late Payments

Payment service provider Pay360 is enhancing its accounts receivable services through a collaboration with an incoming artificial intelligence (AI) firm.

In a press release sent to PYMNTS on Thursday (Feb. 1), Pay360 said it’s working with collectAI, a subsidiary of Otto Group that deploys artificial intelligence in its collections solution for corporate customers. According to Pay360, their collaboration will enable Pay360 to enter the U.K. market and support the fight against late payments.

Citing 2017 data from Bacs, Pay360 noted that late payments are costing businesses billions of dollars every year in the U.K. market. The company plans to address that challenge by making it easier for customers to make payments and settle invoices using the payment rails and communication channels they prefer.

“Giving consumers choice and convenience is key when it comes to payments,” said Pay360 Managing Director Stephen Ferry in a statement. “By working with strategic partners such as collectAI, we’re able to deliver a smarter, more efficient receivables process that’s in line with today’s smartphone generation. Coupled with our ability to settle outstanding payments via the U.K.’s most popular payment methods, we’re edging towards a new era of ‘smart payments’ based on the needs and behavior of the end consumer.”

In another statement, collectAI CCO Steve Emecz noted that the company “brings receivables into the digital age.”

“Our technology provides access to all digital communication channels and ensures frictionless payments,” he said. “As a result, faster execution and higher repayment rates improve the customer experience and boost customer retention. AI isn’t the future; it’s the now.”