By Ellen Schneider – Reporter, Jacksonville Business Journal
Nov 12, 2019, 8:26am EST
Jacksonville-based artificial intelligence and machine learning firm NLP Logix announced it recently landed a new international client for its debt collection software.
NLP Logix will integrate Paypensity – a product that measures the probability that a consumer will pay a debt – into Australian-based debt recovery software company CreditSoft Solutions’ operations.
Paypensity does a better job of measuring who will pay versus who can pay, in the way that a credit score does, said Katie Bakewell, NLP Logix’s lead statistician. It provides a more holistic analysis through a machine learning approach, she added.
This allows agencies reviewing large amount of delinquent accounts to prioritize and collect as much as possible with limited resources.
While CreditSoft will integrate Paypensity into the Australian market, CEO Ted Willich believes that other customers for this product could include debt recovery companies or first party companies, including large health systems or originators and loan companies.
NLP Logix builds a custom solution for each customer; however, the general model can be used by any originator. “This is really our first opportunity to have a one to many approach,” said Willich.
In CreditSoft’s case, Willich says they are building a propensity to pay model for the Australian market. This is an added value for CreditSoft’s customers, as the Australian company already has a large infrastructure in the market and offers services like identifying rental agreements, addresses and other information. Most of CreditSoft’s current customers include third party debt collectors, banks and lenders.
“We met the NLP Logix team at the annual Association of Credit and Collections Professionals conference in San Diego, California this past July, and we were impressed with the experience and depth of their team,” said Mark Draper, Chief Executive Officer and Executive Director, CreditSoft Solutions. “It was great that NLP Logix had already proven their value over the previous years to US-based collections companies, but to see that they have also been recognized on the international stage for training computers to identify cancer, and most recently being awarded a contract to apply AI to support the F-35, speaks to the level of experience they can bring to our customers.”
One of the reasons that an Austrialian company decided to partner with a Jacksonville tech company is there are only a few other companies that provide this kind of service, like Attunely, and Willich said they are mostly venture-backed startups. NLP Logix is a better option because its priorities are different.
“Your priority has to be with your shareholders, as a venture-backed option,” said Bakewell. “Instead of focusing on the customer.”
Willich says they don’t currently have any debt recovery customers locally to market the product too.
“But we are starting to systematically market here locally in Jacksonville to credit unions and healthcare systems,” said Willich.
The product would allow healthcare systems to scrub bad accounts before placing them with a third-party debt collection company. While they haven’t partnered with any yet, Willich believes it’s a good opportunity for hospitals to recover more on their own.
For full article in the Jacksonville Business Journal, please visit:
https://www.bizjournals.com/jacksonville/news/2019/11/12/nlp-logix-gains-international-partner.html
