Collection agency Monarch Recovery Management has extended its payment infrastructure by adding a Web portal using technology from BillingTree.
The portal offers processing services for Monarchs banking clients, enabling the institutions to negotiate payment plans at all times, specify frequency and agree on payment amounts. The automated negotiations are also designed to comply with regulations governing collections. BillingTree partnered with RevSpring, a payment platform provider, to supply payments within the web portal, enabling Monarchs clients to customize their own business rules.
"Keeping our perfect compliance record is a top priority for Monarch at a time when we expect growth in the market for on-line payments to reach as high as 50%, said Anthony Mazzacano, chief strategy officer at Monarch Recovery Management, in a release.
Monarch plans to leverage its relationship with BillingTree and RevSpring to extend its services into additional markets within the banking industry and enable smaller regional banks and Credit Unions to offer advanced customer on-line payment plans.
BillingTree is also expanding its technology to serve the auto payments industry.