SAN FRANCISCO, Nov. 13, 2014 /PRNewswire/ -- TrueAccord (www.trueaccord.com), the first-of-its-kind tech platform that transforms the antiquated debt recovery industry, today announced it has been named as one of 10 FinTech Companies to Watch by American Banker, Bank Technology News and Bank Administration Institute (BAI). The prestigious list represents companies with compelling new offerings and solid business models, and was created to identify businesses and trends that are motivating banks' technology investment.
Through automation, machine learning, behavioral analytics and a humanistic approach, TrueAccord addresses the historical challenges that large and small businesses face annually: billions of dollars lost from unpaid invoices, poor customer service and a low customer retention rate. The company helps bridge the gap between the creditor and the roughly 77 million Americans who currently have debt in collections.
"We're thrilled to be named a Company to Watch by American Banker and BAI, which highlights TrueAccord's focus on transforming the dated debt recovery industry. The industry desperately needs tech innovation," said Ohad Samet, chief executive officer, TrueAccord. "This achievement underscores our commitment to using technology to help companies recover outstanding invoices while maintaining positive customer relationships and in turn, also helping Americans get out of debt and increasing consumer protection."
TrueAccord was co-founded by a group of Silicon Valley tech veterans from Google and PayPal and has recently closed $5M in Series A funding.
The list was released today at the BAI Retail Delivery Conference in Chicago, IL. American Banker and BAI formed a strategic alliance and signature program, FinTech Forward, a new initiative focused on giving bankers the information and perspective on technology they need to plot a course for the future.
Created in 2013 by Silicon Valley tech veterans, TrueAccord is an automated debt recovery platform that bridges the gap between the creditor and those in debt. TrueAccord works with small and large businesses to recover the billions of dollars in lost revenue and works with those in debt to create flexible payments solutions.
TrueAccord has developed a fully automated system that uses behavioral analytics, machine learning and a humanistic approach to help transform the historical antiquated debt recovery industry.
For more information, please visit: www.TrueAccord.com. Follow TrueAccord on Twitter @trueaccord