#USA #Burlington #Debt Collection #Finvi #Velosidy

Finvi Enhances Velosidy® Platform with New Legal Features

In a significant move for the enterprise workflow automation sector, Finvi, a prominent name in revenue recovery solutions, has unveiled updated features for its Velosidy® platform. This latest enhancement focuses on supporting agencies navigating the legal aspects of debt collection.

The evolution of Velosidy comes at a time when compliance and operational efficiency are more crucial than ever for collection agencies dealing with delinquent accounts. Jay Garmon, Finvi's Vice President of Product Management, emphasized that the platform automates essential processes once layered with manual work, particularly when legal actions are involved. Velosidy now intelligently tracks each step in the legal recovery process, ensuring that agencies can maintain compliance while navigating the complexities of court proceedings.

Implementing legal actions in debt collection involves numerous specific procedures, and failing to adhere to them can lead to severe consequences. The Velosidy platform not only facilitates automated court filings and compliance tracking but also significantly reduces the manual labor typically associated with these tasks. Garmon pointed out that with each new update, the platform continues to incorporate artificial intelligence, allowing clients to identify risks promptly, adjust workflows, and minimize human error in critical situations like legal collections.

Latest Features in Velosidy

Among the notable features introduced in the Velosidy enhancement are:

• - Automated Legal Workflows: This function guarantees both consistency in processes and adherence to regulatory and legal deadlines, which are imperative for effective debt collection.
• - Seamless Transition from Collections to Legal Action: Agencies can shift focus without losing momentum, ensuring that efforts in collections dovetail into legal proceedings effectively.
• - Detailed Reporting: Actionable reports deliver concise summaries of collection activities, allowing agents to comply with procedural requirements at every stage of the process.
• - Consolidated Records: A unified system logs all communications, payments, and actions taken during the revenue recovery process, providing transparency and accountability.

Importance of Modernization

Released in late 2024, Velosidy represents Finvi's response to the limitations posed by traditional collections software. The platform is designed to help agencies adapt to today's rapidly changing business demands while enhancing their overall efficiency. Finvi's CEO, Tim O’Brien, remarked on the necessity of such modernization, stating that outdated solutions require excessive maintenance merely to keep up with industry standards.

The latest updates showcase Finvi’s dedication to evolving the Velosidy platform, equipping clients not just to meet current demands but to anticipate future needs as well. Agencies adopting Velosidy have reported decreases in their total cost of ownership, significant business growth, and a comprehensive upgrade of their technological infrastructure.

In a bid to highlight these advancements, Finvi will host a webinar exclusively for clients on June 24, allowing them to explore the new legal capabilities of Velosidy in greater depth. Potential users and interested parties can learn more about the platform and its functionalities by visiting the official website at finvi.com.

Conclusion

As financial institutions and healthcare providers increasingly rely on technology for efficient debt recovery processes, the improvements to Velosidy position Finvi as a leader in the industry. By addressing complex legal requirements and automating core processes, Finvi not only enhances operational efficacy but also helps clients navigate the challenging waters of debt collection with greater confidence.