TransUnion (NYSE:TRU) and Temenos announced today a new strategic partnership to provide financial institutions with TransUnion’s CreditVision® recovery model.
Temenos’ collection technology will integrate with TransUnion’s CreditVision solution to provide their mutual customers, including credit unions and financial institutions, with access to a model that could increase recovered dollars by up to 9% compared to the third generation recovery model.
Previously, Temenos and TransUnion customers used traditional recovery scores and credit reports to prioritize collections amounts. Now, Temenos’ customers can access the CreditVision recovery model, which utilizes historical information on each TransUnion tradeline, including balance and payment history. Financial institutions can use the model and leverage a set of powerful algorithms to better identify collectible debt and increase their average recovery rate.
About Temenos: Founded in 1993 and listed on the Swiss Stock Exchange (SIX: TEMN), Temenos Group AG is the market leading provider of banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers, and other financial institutions. Headquartered in Geneva with 56 offices worldwide, Temenos software is proven in over 1,600 customer deployments in more than 150 countries across the world. Temenos’ products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ expertise around the globe.
Source: TransUnion Press Release