BYL Improves Debt Collection Process Using Latitude Software

BYL Risk Management has deployed a debt collection software suite from Latitude Software, an Interactive Intelligence (Nasdaq: ININ) company, to recover customer debts more rapidly.

“By segmenting and analyzing client data in our system, the Latitude software suite has enabled us to improve our debt collection effectiveness,” said BYL partner and senior vice president of operations, Raymond Stein. “We can now easily segment our clients’ accounts receivables and develop targeted strategies against each segment, which has resulted in a 99 percent customer retention rate.”

BYL selected the Latitude software suite based on its ease-of-use, reporting capabilities, and customization options, according to Stein. “We specialize in accounts receivable management for healthcare, property management, retail, utilities, and financial services,” he said. “The Latitude suite has enabled us to adapt to these different business models quickly, while tailoring solutions that best fit their unique needs. No other debt collection software on the market would have allowed us to do that.”

BYL is using the Latitude Center suite, which is designed to streamline and manage the entire collection process, as well as track collection agent goals and productivity. It is supporting the company’s more than 50 collection agents who are located at its headquarters office in West Chester, Pa.

BYL is also using Latitude Exchange to import and export account data, and Latitude Web Access to enable its customers to access reports and account-level detail online.

In addition, the company recently purchased Latitude Workflow designed to automate customer and account-level collection processes, customize account treatment strategies, and manage compliance parameters and exceptions handling. “We anticipate Latitude Workflow to add even more benefit by reducing our human resource-related costs through more efficient workflow management,” Stein concluded.

BYL Risk Management offers business process outsourcing solutions for companies in the healthcare, property management, retail, utilities, and financial services industries. BYL’s professional services are designed to help businesses streamline operations by providing employee background checks, debt collection, and accounts receivable outsourcing. The West Chester, Pa.-based company was founded in 1998 and employs more than 50 people serving 200-plus customers.

Latitude Software, an Interactive Intelligence company, provides debt collection software and services. Latitude offers hosted and on-premise solutions that are easy to use and include comprehensive functionality for faster, more effective debt collection and portfolio recovery. Latitude was founded in 1997 and serves more than 200 companies nationwide. Latitude is headquartered in Jacksonville, Florida.

Interactive Intelligence Inc. (Nasdaq: ININ) is a global provider of unified business communications solutions for contact center automation, enterprise IP telephony, and business process automation. The company’s solutions can be deployed via an on-premise or hosted model. Interactive Intelligence employs more than 800 people and is headquartered in Indianapolis, Indiana. It has 19 offices throughout North America, Latin America, Europe, Middle East, Africa and Asia Pacific.