Portland fintech firm Constant AI unveiled an “agentic AI” platform for “skip-a-pay” programs.
It’s the first such software program in the industry, according to the company.
Skip-a-pay is the financial services industry term for loan payment deferral. It’s one of the most requested and staff-intensive member interactions in credit union operations, the company said.
Constant AI specializes in creating agentic AI software for credit union loan operations. Agentic AI operates autonomously to make decisions and self-improve.
Constant AI’s mailing address is 110 Marginal Way, Portland, but its 18 employees work remotely, Catherine York Powers, the company’s CEO, told Mainebiz.
The company has been providing loan servicing automation that’s customer facing in digital banking for over three years.
Its clients include 19 credit unions that are the focus of the new product, plus banks and consumer and auto finance lenders like Lithia Motors, which is the largest auto dealer group in the country, she said.
From days to minutes
Skip-a-pay programs are offered by most credit unions and community banks and generate significant fee revenue. But processing requests has historically required manual staff handling. Most community financial institutions field requests by phone or forms, manage seasonal surges by pulling staff off other work and route approvals through fulfillment queues that can take three to five days to resolve, according to the company.
The delay is enough time for a member to go delinquent and become ineligible before their request is processed.
The software released by Constant AI, called “Nia,” automates skip-a-pay requests across voice, digital banking, chat and text platforms, handling the entire interaction without staff involvement.
The software completes the process in minutes, said Powers.
“It’s not a chatbot; it’s a live, agentic AI system handling real member conversations, with every decision logged, governed and explainable,” said Powers.
Michigan State University Federal Credit Union, an $8 billion institution, is one of the product’s first customers.
Founded in 2015, Constant AI 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.
According to industry research, consumers are increasingly turning to digital when it comes to managing bill payments.
Investopedia describes fintech as new technology used to improve and automate the delivery and use of financial services. Constant AI is among a burgeoning crop of financial technology, or fintech, companies operating out of the Portland area.
