First Financial Asset Management Deploys Debt Collection Solution from Latitude Software

First Financial Asset Management (FFAM) has reported savings of more than $250,000 annually as a result of deploying the debt collection solution from Latitude Software, an Interactive Intelligence (Nasdaq: ININ) company.

“Latitude software’s open architecture and multitude of pre-built custom interfaces has enabled us to quickly and easily integrate it with our back-office accounting and IT systems, which has resulted in reduced labor and programming costs,” said FFAM’s chief investment strategist and EVP, Matthew Maloney. “Combined with cost-effective Latitude licensing and efficiencies gained in our accounting, IT, and client service departments, we’ve saved more than $250,000 annually since deploying the software in 2004.”

FFAM, an accounts receivable management and debt purchasing firm, replaced a legacy debt collection product with Latitude Center, a software suite designed to streamline and manage the entire collection and portfolio management process, as well as track collection agent goals and productivity.

Latitude Center supports FFAM’s more than 300 employees, including collection agents and debt portfolio managers located at the company’s headquarters in Atlanta, Ga., and offices in Phoenix, Ariz., and West Palm Beach, Fla.

FFAM selected Latitude Center after a review of competitive products from some of the most recognized software providers in the industry.

“The Latitude software proved best at scaling to keep pace with our rapid growth and provided us with the most flexible architecture,” Maloney said. “We can customize virtually every aspect of the product — from views and reports, to data and processes. Simply put, Latitude Center has met all of our needs on both the collection agency and debt buying sides of our business.”

FFAM is also using Latitude Agency Manager to manage data flow to outsourcing partners; Latitude Portfolio Manager to manage billions of dollars in purchased debt owned by its debt buying arm; Latitude Workflow to assist in the automation and planning of account collection strategies and moving debt when desired metrics have been achieved; and Latitude Exchange to develop data import and export jobs.

“Latitude is always enhancing its products and making sure we’re benefitting from the latest features,” Maloney said. “This customer focus, combined with a decade-long track record of developing critical solutions for the collection industry have made Latitude a valued and integral part of our business.”

First Financial Asset Management Inc. (FFAM), part of the First Financial Group of Companies, is an accounts receivable management and debt purchasing firm providing strategic outsourcing and portfolio acquisition services. FFAM was founded in 2002 and is headquartered in Atlanta, Ga. It employs 300-plus people serving more than 100 clients nationwide, including Fortune 500 and 1000 companies.

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. The Latitude software suite is built using the latest Microsoft .NET development tools and Microsoft SQL server database technologies. Latitude was founded in 1997 and serves more than 200 companies nationwide. Latitude is headquartered in Jacksonville, Florida and can be reached at 866.396.2599.

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, which can be deployed via an on-premise or hosted model, include vertical-specific applications for insurance and collections. Interactive Intelligence was founded in 1994 and has more than 4,000 customers worldwide. The company is among Software Magazine’s 2010 Top 500 Global Software and Services Suppliers, and Forbes Magazine’s 2010 Best Small Companies in America. The company employs approximately 900 people and is headquartered in Indianapolis, Indiana. It has 19 offices throughout North America, Latin America, Europe, Middle East, Africa and Asia Pacific.