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 in managing and growing their businesses,” the companies said in a press release on Tuesday (February 1). “Vergent and OSG have collaborated to develop a comprehensive solution designed to assist clients by optimizing the management and collection of their delinquent loan portfolios.”
The companies say the OSG will allow Vergent lenders to combine debt collection with the sale of debt, which will help customers who want to liquidate defaulted accounts while improving recoveries on their defaulted portfolios.
“OSG provides a vital service to lenders, and we look forward to seeing 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 United States, Canada, Mexico and Central America. The company says it offers software “that fits any business” and has helped service more than $690 billion in loans.
Learn more: 70% of CFOs automate accounts receivable and payable to increase customer lifetime value
As PYMNTS research has shown, many CFOs see digitizing AR and Accounts Payable (AP) as key to increasing the lifetime value of their customers. In fact, 70% of CFOs said they digitize AR/AP for this reason.
Additionally, more than half of CFOs said they make AR/PAs more transparent (70%) and more effective (61.5%).