Convoke Systems Announces Platform to Improve Debt Validation and Recovery for Credit Issuers

Convoke Systems, Inc. today announced the immediate availability of the Convoke Systems Platform for automating and accelerating the delivery of accurate and secure business data and documents that are required to validate and collect on legitimate consumer debt. The Convoke Platform provides a central repository of original account information from original credit issuers to enable real-time delivery of media and accurate chain of title tracking for debt buyers. Convoke serves the financial services and accounts receivable management markets.

“According to market estimates, outstanding consumer credit card debt will reach nearly a trillion dollars in 2009,” said Gary Portney, Co-Founder and CEO of Convoke Systems. “Our real-time Platform enables credit issuers to deliver accurate debt validation information to the accounts receivable management industry, and comply with federal, state and local regulations. We are happy to launch Convoke with the industry validation of our first customer, one of the largest credit issuers in the U.S.,” said Portney.

Credit issuers can transparently implement Convoke’s Platform within their debt recovery process. Convoke manages secure access and delivery of original account documents from the credit issuer such as verified applications, monthly statements and card-member agreements for debt buyers, third-party agencies and law firms. The credit issuers gain the peace of mind of knowing that the consumer’s information is protected and that the appropriate people have the necessary data and documents to collect on legitimate consumer debt throughout the life cycle of an account. The Convoke Platform enables credit issuers to sell debt for the maximum price because they provide immediate access to accurate chain of title and media information. Convoke replaces the traditional manual and lengthy process for requesting and receiving this required information. Convoke also eliminates the waste of printing and shipping costs that are inherent within the industry. Now debt buyers, third-party agencies and law firms have real-time access to the data and documents necessary in the debt recovery process. Users can access and review accounts online and print only the media they require.

Convoke provides the evidentiary proof to meet the regulatory requirements of federal regulatory statutes including: Fair Credit Reporting Act (FCRA), Fair Debt Collections Practices Act (FDCPA), Fair and Accurate Credit Transactions Act (FACT ACT). Convoke also complies with State and Local laws for validation, verification and documented proof of consumer debt ownership. By meeting the regulatory requirements, the Convoke Systems is paving the way for less regulation within the industry.

The Convoke Platform can also be applied to additional asset classes such as mortgage, automotive, telecommunication and utilities.

About Convoke Systems
Convoke Systems, Inc., securely automates and accelerates accurate business information for the recovery of debt. The Company is a PCI Compliant Software-as-a-Service (SaaS) provider, delivering an on-demand platform and applications that manage access and delivery of data and documents for the financial services and accounts receivable management industries (ARM), necessary to recover debt. The Company has established relationships with leading financial institutions in the U.S. The Company is privately held.

For additional information about Convoke Systems, visit our website at www.convokesystems.com.