TransUnion and Temenos Integrate New Collections Scoring Model to Improve Recovery
TransUnion (NYSE:TRU) and Temenos announced today a new strategic partnership to provide financial institutions with TransUnion’s CreditVision® recovery model. Temenos’ collection technology will integrate with TransUnion’s CreditVision solution to provide their mutual customers, including credit unions and financial institutions, with access to a model that could increase recovered dollars by up to 9% compared to the third generation recovery model.
Previously, Temenos and TransUnion customers used traditional recovery scores and credit reports to prioritize collections amounts. Now, Temenos’ customers can access the CreditVision recovery model, which utilizes historical information on each TransUnion tradeline, including balance and payment history. Financial institutions can use the model and leverage a set of powerful algorithms to better identify collectible debt and increase their average recovery rate.
“The credit environment has changed and credit unions are looking for more insightful ways to work with their members,” said Aaron Smith, vice president at TransUnion. “The new CreditVision recovery model is built on newer, trended data elements on consumer behavior and will help Temenos’ customers recover more dollars than traditional recovery models.”
The initiative is part of a recent platform relationship between TransUnion and Temenos. “We’re pleased to work with TransUnion to integrate its innovative solutions, and we’re excited to see the improved collections effectiveness it will offer,” said Larry Edgar-Smith, senior vice president of product evangelism at Temenos. “With the new CreditVision recovery model, our customers will have access to more data and better insights.”
Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions. Headquartered in Geneva with 56 offices worldwide, Temenos software is proven in over 1,600 customer deployments in more than 150 countries across the world. Temenos' products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos' expertise around the globe. Temenos customers are proven to be more profitable than their peers: in the period 2008-2012, Temenos customers enjoyed on average a 32% higher return on assets, a 42% higher return on equity and an 8.1% lower cost/income ratio than banks running legacy applications.
For more information please visit www.temenos.com.
About TransUnion (NYSE:TRU)Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
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