Reykjavík, Iceland – Inkasso, a leading debt collection company in Reykavik, and Algemetric, a Colorado-based solution provider of secure and privacy-preserving data-centric applications, announce a strategic partnership to develop data-driven debt collection solutions.
With a commitment to the Debt Collections Act (Act No 95/2008) and a sustainability agenda, Inkasso was founded in 2010, and is an expert in debt collection, handling over 50,000+ claims monthly. Inkasso received an ‘Excellent in Iceland’ award from business news sources Viðskiptablaðið and Keldan.
Algemetric’s solutions, powered by advanced data analytics and business intelligence, enable Inkasso to gain better insights into their debtors and optimize the collection process. With Algemetric’s solutions, Inkasso’s clients can identify the most effective configurations for each case and optimize the collection process, increasing the collection success and efficiency rate.
“We are excited to partner with Algemetric to enhance our debt collection process,” says Guðmundur Magnason, CEO of Inkasso. “Algemetric’s solutions provide us with the tools to bring the debt collection process to the next level.”
Algemetric’s context-specific applications are powered by Prisma, Obscura, and Spectra. Obscura is a secure data processing and analysis tool built upon advanced cryptographic technologies such as homomorphic encryption and multiparty computation to ensure security and privacy for data in use. Obscura has three main components: Obscura Data Sync (ODS), Obscura Secure Execution Environment (OSEE), and Obscura API (OA). The ODS connects with the customer database, encrypts its data, and sends encrypted data to the OSEE for secure processing, while Spectra protect all communications. Prisma provides a rich set of visualization tools for maximizing analytics, insights, and intelligence. All exchanges between the solution’s components are authenticated, authorized, and audited in real-time.
Additionally, Algemetric’s solutions provide Inkasso’s customers with the ability to export all visualizations on Prisma to Microsoft Power BI, allowing them to drill down into the data, identify the most relevant claims, and take the desired action.
“We are thrilled to collaborate with Inkasso on its debt collection process,” says Greg Jones, CEO of Algemetric. “We are motivated by the mission of providing Inkasso with better insights into their client’s debtors. The Collection Success Reports’ first version changed how they manage collection configurations.”
“Inkasso has embraced Algemetric’s customer-centric approach to efficient, secure, and privacy-preserving solutions in a remarkable way,” says David Silva, CTO of Algemetric. “With Inkassos’s expertise in debt collection and Algemetric’s ability to deliver powerful applications, our collaboration has resulted in an innovative resource for obtaining analytics, insights, and intelligence from debt collection data.”
More About Inkasso
Inkasso is transforming debt collection services in Iceland, giving it a more human face and changing attitudes towards debt collection with everybody involved. With clear goals as regards sustainability, while striving to have a positive impact wherever possible, Inkasso is a member of the Festa Centre for Sustainability. Inkasso is an enthusiast about data analysis and novel technologies with an eye on new ways of disrupting the debt collection industry to offer both claimants and payors the best experience and the most satisfactory financial results.