ACI Worldwide’s Speedpay and Leading Loan Servicing Fintech – Constant – Modernize Customer Experience

Rhea-AI Summary

A collaboration between ACI Worldwide and Constant aims to enhance customer digital engagement for lenders, boosting loan volumes and streamlining collections. By integrating ACI's Speedpay with Constant's self-service loan management software, lenders can better meet consumer demands for digital services. Research indicates that 81% of consumers prefer self-service options, which this partnership addresses. The alliance will utilize modern payment methods and reduce reliance on outdated systems, helping lenders adapt to changing market needs.

Positive

• Collaboration expected to increase loan volumes and improve collection efficiencies.
• Enhanced self-service capabilities anticipated to meet rising consumer demand.
• Integration of modern payment options such as PayPal and digital wallets.
• Potential for lenders to improve revenue streams in a competitive market.

Negative

• Lenders may struggle with existing legacy systems limiting digital capabilities.
• Partnership may not fully address rising defaults and lower margins.

Collaboration ups customer digital engagement, increasing loan volumes and streamlining collections

MIAMI & FALMOUTH--(BUSINESS WIRE)-- ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, and Constant, a leading fintech in self-service loan management software, announced a partnership that will allow lenders to increase loan volumes, streamline their collection process, drive revenue and lower cost to serve. Pairing ACI Speedpay and Constant’s CX capabilities enhances the self-service experience for loan management, driving greater digital engagement with customers. ACI Speedpay serves thousands of billers in the U.S.

Consumers are increasingly turning to digital when it comes to managing bill payments, including seeking out better self-serve experiences. According to industry research, 81 percent of consumers say they want more self-service options, with 95 percent of businesses seeing growth in self-service requests. More than 34 percent of consumers cited faster response times as their number one benefit¹.

“Keeping up with consumer expectations requires a more proactive focus, which is why Constant and ACI Worldwide held a tech summit with the leaders of top lending institutions to discuss how we can help them close the customer experience gaps today and tomorrow,” said Darcy Locke, head of consumer finance of the biller segment, ACI Worldwide. “With this collaboration, we are creating the next level of user experience for consumer finance lending, across all debt types and devices.”

Powered by ACI Speedpay’s comprehensive suite of products offering advanced bill payment capabilities and Constant’s enhanced user experience, lenders’ customers can self-serve for a greater number of loan servicing tasks that are typically handled manually. The expanded services will provide access to the most relevant payment services (debit, prepaid, credit, EMV and contactless), digital wallets (Apple Pay and Google Pay) and alternative payment methods (PayPal, Venmo, etc.).

“Many institutions are under pressure to expand their digital presence, respond to borrowers faster and generate revenue from existing customers. However, many of them still rely on legacy systems that limit automation, self-service and access to the payment methods and processing speeds that customers are demanding today,” said Catherine York Powers, chief executive officer at Constant. “Our partnership with ACI will help lenders quickly stand up a solution that meets a growing number of customer preferences. Against the backdrop of rising defaults and lower margins, we can help them drive revenue in the loan servicing experience,” she said.

Visit www.aciworldwide.com/acispeedpaypulse for more billing and payment insights.

About Constant

Constant is modernizing loan servicing, loss mitigation and collections with interactive, digital solutions that enable borrowers to better understand, manage and pay back their debts. Loan servicers can reduce costs dramatically and drive down errors and compliance risk, while driving revenue in loan servicing experience – without having to change their core servicing and related systems.

About ACI Worldwide

ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure, and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2022

ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

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¹NICE’s 2022 Digital-First Customer Experience Report.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005695/en/

Media contacts

Victoria Blanco

victoria.blanco@aciworldwide.com

Mary Beltrante

mbeltrante@constant.ai

Source: ACI Worldwide

FAQ

What is the collaboration between ACI Worldwide and Constant about?

The collaboration aims to enhance customer digital engagement for lenders, increasing loan volumes and streamlining collections through improved self-service options.

How does the ACI and Constant partnership benefit lenders?

It allows lenders to better meet consumer preferences for digital services, enhancing user experience and potentially driving more revenue.

What payment methods will the ACI and Constant partnership support?

The partnership will offer access to various payment methods including debit, prepaid, credit, and digital wallets like PayPal and Venmo.

What percentage of consumers prefer self-service options according to the press release?

According to the press release, 81% of consumers prefer more self-service options.

When was the partnership between ACI Worldwide and Constant announced?

The partnership was announced in a press release dated October 12, 2022.