collectAI rolls out in UK through partnership with Pay360 by Capita

collectAI stands to improve its customer experience by using digital communication channels and payment solutions to innovate and digitise invoicing. Incorporating AI and machine learning into Pay360’s business model will improve the customer experience of late payers as well as providing a cost reduction to businesses using smart automation and digital channels to chase payments, claims the company.

Founded in 2016, collectAI is part of Germany’s e-commerce retailer, the Otto Group. It currently has EUR 40 million receivables under management and has improved the collection rate to 33% on average. It has also overseen an overall reduction of the processing costs of 41% by utilising AI-based smart payments, digital communication channels and payment solutions to disrupt and innovate the invoicing, reminder mechanism and debt collection process.

Pay360 by Capita is a UK-based Payment Service Provider with over 20 years’ experience providing secure payment solutions. With late payments currently costing UK businesses more than EUR 2.3bn per year, the collaboration between the two companies will modernise the receivables industry. It will enable consumers to engage and settle balances via their preferred communication channels, and payment methods.