Profile of our client
BringWay is a start-up from the Credit Exchange Groep that contributes to a healthy financial situation for consumers with debts and/or payment issues and for creditors.
BringWay believes in a collaboration between debtors and creditors to prevent escalating costs and resolve debts. In light of this, they have developed the unique BringWay platform.
In the Netherlands, debts and recovery of payments are handled with many stakeholders but without a centralized communication approach. Therefore, consumers with problematic debts often find themselves involved with a range of creditors and collection agencies. Because they have no clear overview of their situation, debts, interest and collection fees keep accumulating.
For serious cases, a professional debt counsellor gets involved, who then faces the same problem. As there is no centralized source of information, acquiring a complete picture and coming to a fitting and lasting solution is difficult.
For creditors, this situation is also problematic. They waste time and resources attempting to recover payments from a consumer who may not be in any position to repay. Ideally, they would become aware if one of their clients has built up problematic debts before authorizing the sale of further goods or services. This would then avoid escalating debts.
The BringWay platform brings together debtors, creditors and debt counsellors in one environment. The application helps to pre-emptively detect impending payment problems. In addition, it provides a way for debtors, creditors and debt-counsellors to communicate and come to an effective solution. For all parties involved, BringWay helps to create a lasting solution through payment plans.
Because the personal information involved is highly confidential, security and compliance with privacy regulations play a key part of the solution.
The app developed by Finaps has become a great success. Every day, debt counsellor request debt information from the creditors working with BringWay. As a result, considerably more debts are handled and reimbursed!