Courtesy / Constant
Catherine York Powers
Updated: October 13, 2022
Falmouth tech firm partners with global counterpart to reach more lenders
Constant Energy Capital Management Inc., a financial technology firm in Falmouth that specializes in self-service loan management software, said Wednesday it would partner with Miami, Fla.-based payment systems company ACI Worldwide (NASDAQ: ACIW) to expand its portfolio of clients.
The partnership is expected to allow lenders to increase loan volumes, streamline their collection processes, drive revenue and lower service costs.
“Many institutions are under pressure to expand their digital presence, respond to borrowers faster and generate revenue from existing customers,” Catherine York Powers, Constant’s CEO, said in a news release. “However, many of them still rely on legacy systems that limit automation, self-service and access to the payment methods and processing speeds that customers are demanding today.”
Constant, which was founded in 2015, automates manual loan management tasks with digital solutions designed to make it easier for borrowers to better understand, manage and pay back their debts. On the lender’s side, Constant’s software platform aims to reduce costs, errors and compliance risk.
ACI Worldwide serves customers in 95 countries and has offices in 34 countries.
According to industry research, consumers are increasingly turning to digital when it comes to managing bill payments: 95% of businesses see growth in self-service requests and 81% of consumers say they want more self-service options. A faster response time was seen as a top benefit by 34% of respondents.
The new partnership is designed to pair an ACI capability called Speedpay, which offers advanced bill payment capabilities, with Constant’s customer service capabilities.
The expanded services will provide access to payment services that include debit, prepaid, credit, contactless, the digital wallets Apple Pay and Google Pay, and alternative payment methods such as PayPal and Venmo.
Together, they’re expected to allow lenders’ customers to self-serve a greater number of loan servicing tasks that are typically handled manually, with greater digital engagement between lenders and customers across all debt types and devices. ACI Speedpay serves thousands of billers in the U.S.
The partnership aims to help lenders quickly stand up a solution that meets a growing number of customer preferences.
“Against the backdrop of rising defaults and lower margins, we can help them drive revenue in the loan servicing experience,” she said.
Keeping up with consumer expectations requires a proactive focus, noted Darcy Locke, ACI’s head of consumer finance of the biller segment.
Investopedia describes fintech as new technology used to improve and automate the delivery and use of financial services. Constant is among a burgeoning crop of financial technology, or fintech, companies operating out of the Portland area.
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