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AI Collections Management in Embedded Finance: Banxware's receeve Partnership

Banxware Adds AI-driven Collections Management to Embedded Finance Through Strategic Partnership with receeve

  • Banxware, a Lending-as-a-Service FinTech and First Mover in the embedded finance market, forms a strategic partnership with receeve, the most innovative provider in the collections management space today
  • Banxware expands its range of integrated financial services with a white-label collections and recovery solution.

August 11, 2021.

Embedded Finance is the latest trend. To offer consumers a smooth shopping experience and to maintain complete control over the customer experience and contact, more and more companies are adding financial products or services to their customer value chain. Where in the past people hadto contact their bank or insurance company to take out a loan, make a payment or take out insurance, with Embedded Finance this is done directly at the point of sale.

This is a win-win-win situation for all parties involved: customers enjoy an uninterrupted user journey, merchants increase their closing rates, and the financial service providers involved in this process gain access to the merchants' customer base and thus to new business at much lower acquisition costs.

Banxware is a First Mover in the B2B sector and recognized this trend early on and successfully seized it. As a Lending-as-a-Service FinTech, its white-label software connects platforms with merchants and financial service providers by embedding financial services such as instant funding offers into the merchant process chain. “Banks get access to hard-to-reach SME customers. Platforms, such as online marketplaces, can up-sell financial products beyond their core offering. And merchants benefit from speedy access to working capital.”

To expand its leading position in the area of B2B Embedded Financial Services, Banxware is offering its customers a highly efficient, fully digital solution for collections & recovery management through its partnership with receeve. The Hamburg-based fintech is currently the most innovative provider in collections and recovery management, driving customer experience- and transparency to this part of the order-to-cash process with its cloud-native white label software powered by AI.

With receeve's all-in-one collections and recovery platform, companies can optimise data and automate customer outreach with the right content, in the right way, at the right time. For example, customers are proactively offered repayment options based on their preferred terms and payment providers. This step by itself achieves an average increase in recovery of more than 30% in the first 30 days Days Past Due (DPD). At the same time, the entire collections and recovery process stays in-house and thus the customer relationship remains in the client’s control. The AI-powered platform also provides valuable information for informing futurecontracts and how to prioritize channels and communication paths by customer segments.

As a result, Banxware customers can now implement and go live in a matter of weeks with revenue enhancement and recovery projects that in the past required extensive assessments and security approvals and took years to implement. The partnership with receeve provides Banxware customers with an easy-to-use tool to manage outstanding claims and resolve difficult situations. “receeve’s cutting-edge technology provides the analytical and tactical capabilities seamlessly in one solution for our teams and is simple and fast to integrate into our systems.”, noted Miriam Wohlfarth, the founder of Banxware.

"We are proud to partner with Banxware, one of the leading FinTechs in Embedded Finance, in order to be part of the fast-growing ecosystem of online marketplaces and payment providers. Together, we now offer businesses the ability to secure liquidity while accelerating revenue growth," said Paul Jozefak, co-founder and CEO of receeve.

Embedded finance facts:

  • Embedded finance could be worth over $7TN in ten years’ time
  • This is twice the combined value of the world’s leading 30 banks
  • Banks are increasingly looking for alternative revenue sources, with their revenues having declined by $800BN between 2015 and 2018. COVID-19 also means that banks will forego between $1.5TN to $4.7TN in cumulative revenue from 2020 to 2024
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