SWIVEL, a digital payments solutions provider, and Paydoff, a collections automation and engagement platform, have announced a strategic integration aimed at enhancing collections operations and the member experience for credit unions. This collaboration seeks to modernize collection processes by combining SWIVEL’s payment capabilities with Paydoff’s automated engagement tools.
The integration is designed to offer credit unions a unified solution for managing collections more effectively and efficiently. Key benefits include streamlined workflows, allowing financial institutions to manage collections within a simplified process. The partnership also focuses on an enhanced member experience, leveraging Paydoff’s machine learning-powered Collections Engagement and Automation platform to deliver personalized communications through preferred channels. This approach enables members to interact with their credit union on their own terms, without necessarily requiring live agent intervention, which aims to minimize friction.
SWIVEL’s secure and flexible payment solutions facilitate a streamlined repayment process, supporting various payment methods to ensure convenience for account holders, borrowers, and staff. The integration is also expected to provide credit unions with rich analytics and actionable insights, enabling data-driven decisions that can improve operational performance and reduce delinquency rates.
Cory McDaniel, SVP of Business Strategy at SWIVEL, commented on the integration, stating, “Many of today’s credit unions are seeking ways to modernize collections while offering more flexibility to their members. This integration with Paydoff supports that goal by combining automation, personalization, and secure payment options into one seamless experience.”
Richard Formoe, CEO at Paydoff, added, “We’re excited to partner with SWIVEL to bring this integration to credit unions nationwide. Together, we’re empowering institutions to streamline collections while giving members the modern, self-directed experience they expect.”
SWIVEL, an SWBC company headquartered in San Antonio, Texas, provides an integrated platform that simplifies payments via Apple Pay, Debit, Credit, and ACH. The platform serves over 2,000 clients, including financial institutions, K-12 education institutions, and their supporting software companies, by integrating with existing systems to manage payments, streamline operations, and offer user engagement tools. Paydoff is an AI-powered collections engagement and automation platform designed to help credit unions improve recovery rates, reduce delinquencies, and enhance the member relationship through smart workflows and personalized communication.
