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ORCC Announces Virtual Collection Agent 5.0 Service To Automate Lenders’ And Billers’ Debt Collection Process

Online Resources Corporation (NASDAQ: ORCC), a leading provider of financial technology services, today announced the launch of Virtual Collection Agent (VCA) 5.0, the latest version of its web-based debt collections tool for financial institutions and billers of all types.

“VCA provides an online emulation of the live agent interactions that many indebted consumers would have had over the phone in the past,” explained Janie West, ORCC chief marketing officer. “It enables consumers to arrive at a payment resolution in a private, non-confrontational environment via the Internet. VCA gives consumers the full service experience they expect, but it’s all handled using intelligent automation to determine each person’s eligibility for payment plans and tailoring of payments to that consumer’s specific situation to resolve the overdue status if payment in full cannot be made immediately.”

The 5.0 version provides a host of new features that benefits lenders and billers as well as the consumers they serve. VCA’s 24x7 collections environment helps companies to reduce operating costs, maximize collections, and reduce loan losses for overdue auto loans, mortgages, credit card bills, and other personal debt. At the same time, it gives consumers a better way to restore their good account standing and eliminate the hassle of debt collection. They can be offered payment programs and settlement arrangements online based on each biller’s own eligibility rules, which can be based on existing account data or on information supplied in real-time by consumers.

New features of VCA 5.0 for lenders and billers include:
  • Access to detailed consumer behavior data and new, intuitive tools to control automation of online offers;
  • The ability to handle multi-account relationships with each consumer so that a single sign-on will take customers to any of their accounts that need resolution;
  • Support for promotional codes that enable tracking of marketing campaigns and previous interactions with call center agents to arrive at repayment offers specific to each consumer;
  • Consumer experience in virtually any language; once consumers sign on to the site and specify their preferred language, each subsequent visit is automatically set to use that language; and
  • Addresses Americans with Disabilities Act (ADA) accessibility concerns with the option to certify as WCAG 2.0 Level AA compliant.

VCA is currently collecting at a rate of $2.4 billion per year, and West points out the additional benefits to billers and lenders.

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