Convoke Adopted by 15 of the Top Debt Buyers in the USA

SAN FRANCISCO – Convoke Systems announced today that fifteen of the nation’s top credit card debt buyers in the USA are now customers.  Having entered the market in 2009, the rapid rate of adoption demonstrates the growing impact Convoke Systems is having on the consumer credit collections and recovery business.

The Mortgage industry has recently undergone much scrutiny and criticism due to the lack of proper evidentiary documentation and proof of title in foreclosure situations.  The same challenges exist in the credit card industry and impact millions of US consumers every year.  Similar to the mortgage industry, the core issue for credit card debt is lack of timely and accurate information to enable efficient and effective collection of past due accounts.  The necessity for key account information and proof of ownership is now seen as a systemic challenge that exists within the financial services industry.

Convoke Systems is solving these challenges through the use of a sophisticated technology platform that securely centralizes and standardizes the registration, management, and movement of charged-off consumer account information.  Access to this information is provided “on demand” to Convoke customers, allowing them to verify and validate the debt and accurately communicate the facts with debtors.  In addition, Convoke is the only company that tracks the complete lifecycle of charged-off consumer accounts from inception to settlement.  “This allows us to show an unbroken chain of title for any account from the original credit issuer to all subsequent owners of the debt in the collections cycle, providing detailed information on the chain of events leading to the current owner” said Gary Portney, Founder and President of Convoke Systems.

“We are bringing uniform standards and regulatory compliance to the industry while significantly enhancing debt collectors’ ability to minimize error, protect consumer information, and accurately communicate the facts with consumers.  The result is a win for all concerned–improved collections, security, compliance, transparency, and fewer consumer complaints.”

The positive impact Convoke is having on the industry is also reflected in the growing recognition and adoption by credit originators.  For credit originators, Convoke solves their information management challenges and allows them to track any account originated by them across the collections life cycle.  The adoption by the national debt buyers is a significant benefit to banks and credit card companies in their efforts to automate and simplify the process of selling charged-off debt.  Convoke’s solution simplifies working practices, standardizes the data transfer process to multiple debt buyers, and strengthens their relationship and inter-dependencies.

“We are fundamentally changing the traditional, time consuming, and laborious processes that have operated across the industry for many years,” said Portney.

About Convoke Systems
Convoke Systems, Inc., manages, automates, and accelerates delivery of information for the recovery of debt.  The Company is a PCI Compliant Software-as-a-Service (SaaS) provider, delivering an on-demand platform and applications that manage access and delivery of information for the financial services and accounts receivable management (ARM) industries necessary to recover debt.  The Company has established relationships with many of leading financial institutions in the U.S.

For additional information about Convoke Systems, visit our website at www.convokesystems.com.