REPAY has announced a new technology integration with Lexop, a self-service software for credit unions, financial institutions, and other financing companies that optimises the repayment journey for past-due consumers. The REPAY integration with the Lexop collections management software enables their clients to collect late payments more efficiently, receive real-time payment updates, increase engagement, and minimise loan servicing costs.

Lexop clients can now offer members an integrated self-service portal, empowered by REPAY’s embedded payments technology, to make payments more easily at members’ convenience. Additionally, credit unions and financial institutions can accept debit card, as well as automated clearing house (ACH), payments via text, mobile and IVR. REPAY’s embedded payments engine sends payment data back to Lexop in real time, streamlining reconciliation and accounting operations.

“REPAY’s integration with Lexop helps to alleviate that burden by offering multiple payment options”

Jake Moore, EVP, Consumer Payments, REPAY, said: “Collecting late payments can be a stressful and challenging operation for both credit unions and their members, especially when members cannot make payments though their preferred channel. REPAY’s integration with Lexop helps to alleviate that burden by offering multiple payment options, making remittance convenient for members and payment updates instantaneous for their financial institutions.”

Amir Tajkarimi, CEO and Co-Founder of Lexop, commented: “Lexop is proud to empower credit unions with flexible payment options and further improve the efficiency of accounting functions through our integration with REPAY. We prioritise credit union members’ well-being during the collection process and are confident that the new capabilities enabled by REPAY will enhance our customers’ ability to build strong connections with their members through convenient payment methods.”

In 2023 REPAY announced it was launching its vertical payment solutions on Q2’s digital banking platform through the Q2 Partner Accelerator Program. Also last year, MiCamp Solutions announced REPAY as its new clearing and settlement processor. The deal gave MiCamp access to REPAY’s full-service, end-to-end processing capabilities, as well as its next-day funding, reporting of daily risk and settlement statements and chargeback management services.

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By GlobalData