FICO Network 2.0 Reduces IT Costs, Accelerates Partner Onboarding for Collections Professionals

SAN JOSE, Calif., May 20, 2020 /PRNewswire/ -- 

Highlights:

• FICO today announced the release of FICO® Network 2.0
• FICO® Network 2.0 is fully modernized and re-architected to help collections professionals improve performance and lower costs
• FICO® Network 2.0 is a cloud-native service deployed in the FICO® Analytic Cloud, offering customers enhanced security, scalability and reliability

FICO, a global analytics leader, today announced the latest release of its industry-leading FICO® Network. Newly rebuilt on the FICO® Decision Management Platform and deployed in the FICO® Analytic Cloud, FICO Network 2.0 is fully optimized to support creditors who are increasingly outsourcing accounts to collection agencies, attorneys, and other third parties for debt collection while conforming to progressively more complex industry regulations.

"FICO Network processes more than $120 billion in consumer debt across a variety of industries, including financial services, telecommunications, automotive, government, and more every year," said David Lightfoot, vice president of product management, FICO. "No other provider offers a secure delivery channel with access to a comparable number of vendors, placing FICO Network 2.0 in a class of its own when it comes to supporting secure data exchange between creditors and their partners."

To reduce lead times for partner onboarding, FICO Network 2.0 enables collections professionals to securely exchange and validate data quickly and seamlessly with more than 300 proven third-party partners across FICO Network, including collection agencies, attorneys, data vendors, debt buyers, and more – all while meeting continually updated compliance standards. And because it's fully run in the cloud, it helps organizations save money by reducing their IT installation and maintenance costs.

FICO Network 2.0 also features an updated user interface for out-of-the-box dashboards, email alerts, and real-time reporting. Additionally, the latest update will offer organizations enhanced reliability and security, as well as seamless support for FICO® Debt Manager™ clients.

"Between evolving compliance standards, increasing reliance on partners and the associated security risks, and rising IT maintenance costs, today's collections professionals need the support provided by our FICO Network platform more than ever," Lightfoot said. "With FICO Network 2.0 , we're pleased to offer customers the cost savings and dynamic level of service they expect from FICO Analytic Cloud while helping them meet the industry's latest compliance requirements and security standards."

Moving FICO® Network 2.0 to FICO® Analytic Cloud offers significant opportunity for credit issuers looking for on-demand and self-service features with rapid, scalable service. FICO Network is currently available in North America, adhering to regional compliance and privacy laws.  FICO Network is architected to comply with the most stringent industry security standards, ensuring data remains protected from unauthorized access.

FICO Network 2.0 provides credit issuers with:

• Secure public APIs that allow third-party applications to automatically upload, download, and evaluate files.
• Event-based email notifications, enabling creditors and their partners to react to events in a timely manner, such as when data errors are detected or when new files are awaiting download.
• Easy integration with FICO® Blaze Advisor® decision rules management system and FICO® Debt Manager™ for collections and recovery operations.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction, and growth for businesses in financial services, telecommunications, health care, retail, and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at www.fico.com

FICO, Debt Manager and Blaze Advisor are trademarks or registered trademarks of Fair Isaac Corporation in the US and other countries.

SOURCE FICO

Related Links

https://www.fico.com/