PSCU Forges Collections Partnership
CUSO will provide services to Allied Solutions to manage delinquent accounts.
PSCU announced Thursday that it has formed a partnership with Allied Solutions to provide financial institutions with single-source delinquency management services.
The payments CUSO based in St. Petersburg, Fla., said it has teamed its CU Recovery & The Loan Service Center with Allied Solutions, which was seeking a delinquency management solutions partner that would help manage risk for its users, and allow for efficiencies and scale.
Together their support will include first- and third-party collections solutions.
Allied Solutions, based in Carmel, Ind., has more than 4,000 clients and more than 40 years’ experience in the financial services industry. It has about 16 regional offices and service centers around the country and is a subsidiary of Securian Financial Group, Inc., a mutual holding company based in St. Paul, Minn.
“We know that collections will look very different across the financial services and credit union industries as a result of the COVID-19 pandemic. As such, we wanted to ensure our clients are as prepared as possible for this new reality,” Pete Hilger, president/CEO of Allied Solutions, said.
The services are available to Allied Solutions clients this month. PSCU said the delinquency management solutions from its CU Recovery & The Loan Service Center are customizable to fit the needs of individual financial institutions, providing a range of early and late-stage collection services and training.
CU Recovery, a PSCU company, is a full-service collection agency that has worked with over 2,700 credit unions since 1990 to manage non-performing and charged-off loans with a menu of third-party collection services.
“Both PSCU and Allied have extensive product suites, as well as a shared commitment to enhancing client experience,” Jack Lynch, president of the CU Recovery & The Loan Service Center, said. “At a time when collections and delinquency management expertise is critical, we are eager to begin working with Allied to enhance and elevate the collection process for its clients, ensuring compliance while ultimately reducing losses and maximizing results.”
PSCU, which works with about 1,500 credit unions, had $582.5 million in revenue in its fiscal year that ended Sept. 30, 2020, up 4.7% from 2019. Assets grew 21.1% to $905.1 million.