The platform enables 24/7 self-service payments via digital wallets, real-time settlement, and reporting. Credit: TStudious/Shutterstock.

Digital conversations platform Eltropy has acquired collections technology provider Lexop, with an aim to ease the loan collection process for community financial institutions (CFIs).

Financial details about the transaction remain undisclosed.     

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The merged entity will continue operations from Eltropy’s headquarters in Santa Clara, California, and Lexop’s headquarters in Montreal, Quebec.

The integration of Lexop’s technology with Eltropy’s AI-driven platform is poised to address the inefficiencies of traditional loan repayment methods.

It offers Eltropy a self-serve solution that allows borrowers to make payments with two clicks on phone.

This is expected to make the debt repayment process seamless, helping CFIs lower and prevent delinquencies, quicken collections, as well as improve borrower experiences.

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Traditional methods, which often involve manual phone calls and outdated processes, are not only costly but also risk damaging borrower relationships.

Eltropy stated that the acquisition of Lexop brings a member-focused collections technology into its suite.

The enhanced platform by Eltropy will feature AI-powered intelligent payment reminders, customisable workflows, and various engagement channels such as text, email, and voice.

It will also support 24/7 self-service payments through digital wallets and custom-branded payment portals, along with real-time settlement and reporting.

The purchase of Lexop marks Eltropy’s third, following the integration of video banking from POPi/o and conversation intelligence capabilities from Marsview in 2022.

National Credit Union Collections Alliance 2024 president Art Sookazian has expressed support for the alliance, highlighting the overdue need for modernisation in debt collection.

In the context of soaring US consumer debt, Eltropy cited a Deloitte report, which found total consumer debt standing at $17.7bn in Q2 2024.

Eltropy CEO and co-founder Ashish Garg said: “The world needs a better way for people to pay their debt obligations. Today’s phone-call-driven experiences are extremely inconvenient for the borrower, making it difficult for CFIs to collect debt payments on time. By combining Lexop’s people-first collections technology with our AI-driven communications platform, we’re delivering an offering that increases effectiveness with empathy.”