News from the Wire

Velera’s TriVerity forms integrated partnership with Akuvo

Tuesday, July 30, 2024 — 12:39:56 (EDT)

St. Petersburg, Fla. — (July 30, 2024) — TriVerity, a Velera company, announced it has partnered with AKUVO, a technology company specializing in collections and credit risk. The integration will facilitate a seamless process for third-party charge-off collections through AKUVO’s cloud-based collections platform to help maximize credit unions’ recoveries from non-performing loans.

“We are thrilled to incorporate AKUVO's cloud-based capabilities into our comprehensive delinquency management suite through this partnership,” said TriVerity Senior Vice President, Client Service and Marketing Wendy Elieff. “This relationship will bolster TriVerity’s ability to efficiently recover charged-off accounts while providing credit unions with a single-source delinquency management solution that elevates the member experience.”

Built by a team of individuals with more than 20 years of experience, AKUVO employs a data-driven and behavior-based approach to credit risk and delinquency management. The addition of AKUVO’s platform, leveraging automation and analytics, will enhance TriVerity’s offerings by providing advanced guidance and improving workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.

“We are pleased to partner with TriVerity to provide a seamless process for third-party charge-off collections, ultimately strengthening collectability and revenue benefits for credit unions,” said AKUVO SVP of Relationships Mike Ruggiero. “Through this partnership, the integration of AKUVO’s efficiency-focused collections platform will generate operational insights and support TriVerity in optimizing charge-off strategies.”

For over three decades, TriVerity has been recognized as the industry’s leading expert for third-party collections of all loan types. The organization is known for building partnerships that result in reduced delinquency, prioritizing service excellence and guiding borrowers in the resolution of delinquencies.

In addition to its third-party offerings, TriVerity – in partnership with Velera – provides first-party collection staffing solutions for financial institution collection departments to minimize losses on their delinquent active loan portfolio. TriVerity’s comprehensive delinquency management suite of services, payment portal and client support work together to minimize losses from unpaid loans.

About TriVerity

TriVerity, a Velera company, is a full-service first- and third-party collection agency that manages early-stage delinquency, non-performing loans and charged-off loans with a comprehensive menu of collection services. Since 1990, TriVerity has worked with over 2,700 financial institutions nationwide and is a leading industry expert for financial institution collections of all loan types. TriVerity’s broad spectrum of collection resources and training programs help financial institutions manage and mitigate loan delinquency rates. For more information, go to www.TriVerity.com.

About Velera

Velera, formerly PSCU/Co-op Solutions, is the nation’s premier payments credit union service organization (CUSO) and an integrated financial technology solutions provider. With over four decades of industry experience and a commitment to service excellence and innovation, the company serves more than 4,000 financial institutions throughout North America, operating with velocity to help its clients keep pace with the rapid momentum of change and fuel growth in the new era of financial services. Velera leverages its expertise and resources on behalf of credit unions and their members, offering an end-to-end product portfolio that includes payment processing, fraud and risk management, data and analytics, digital banking, instant payments, strategic consulting, collections, ATM and POS networks, shared branching and 24/7/365 member support via its contact centers. For more information, visit pscu.com and coop.org.

About AKUVO

AKUVO is a leading provider of cloud-native collections software solutions that elevate how banks, credit unions, and fintechs collect and manage their portfolios via its products. Whether it is through their stand-alone virtual collector, or its next-generation collections platform, AKUVO provides the technology and data necessary to increase collections efficiency, provide a digital consumer experience, reduce staff costs, anticipate delinquencies, and provide insight into future credit decisions. AKUVO delivers a digital future for collections and account performance management with a visionary, behavior-based approach while taking full advantage of emerging technologies such as artificial intelligence, natural language processing, and machine learning. To learn more, visit www.akuvo.com.

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Source: Company press release.