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Carol Byrne | 28 September, 2021

System of Record Success Comes Down to Functionality and Configurability

Key to a single technology for collections and recovery is a System of Record with deep functionality and vast configurability. This paper outlines the capabilities to look for.


Organizations collecting debt are increasingly leaning towards a single technology solution to manage their entire debt portfolio, from pre-delinquency, through collections, charge-off and recovery. By avoiding the need for multiple collections and recovery systems, you significantly reduce capital investment and on-going costs of ownership.

Using one solution reduces agent on-boarding time and enhances productivity, with a single user interface to handle accounts at all stages, providing consistency in management information and statutory reporting. It also means system updates are simultaneously available to the benefit of the entire collections and recovery organization.

The system of record challenge

While an account is in collections, the host system continues to act as the financial system of record, applying payments and financial adjustments, charging interest and fees, and meeting financial reporting needs Once an account has been charged off and enters recovery, the situation radically changes. It is common to close the account on the host system, in which case the collections and recovery system will need to take over system of record responsibilities, and the list of system requirements increases dramatically. In addition to functionality to support workflow and collections activities, the system now needs to provide the financial capabilities which previously were a host system remit.

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