ABN AMRO and receeve cement strategic partnership for collections & recovery with €4m venture investment
receeve, the innovation leader in collections & recovery technology, is proud to announce our newest customer, ABN AMRO, the third-largest bank in the Netherlands.
Amsterdam-based ABN AMRO selected receeve’s cloud-native, all-in-one platform to future-proof experiences for its most vulnerable customers and support strategy execution across international markets.
Additionally, receeve and ABN AMRO Ventures are announcing a strategic partnership to boost and accelerate innovation contributing to both the bank’s goals and to receeve’s product development roadmap. Through this partnership, which includes a seed-extension of €4m from the bank’s venture arm, ABN AMRO can now access receeve’s data-driven and client-focused digital capabilities to build and activate a unified view of the customer on top of their current technology and data stack – deploying in weeks, not months. The partnership enables ABN AMRO’s teams to quickly make data actionable, unlocking new use cases across the bank and ensuring they optimise their recovery efforts for the organisation and for their customers. With this investment, receeve increases its total funding over the past two years to €16m in total.
According to McKinsey & Company “encompassing strategy, operations, technology, talent, and implementation—can drive growth and position (organisations) at the forefront of a transforming financial services industry.”
Tom van der Grinten, Senior manager Operations Contracting & Credits at ABN AMRO observes, “ABN AMRO’s strategic ambition is to be a personal bank in the digital age for our clients. By integrating the capabilities of the receeve platform with our own digital client service model, we’ll be able to provide our customers with very user-friendly and tailored, actionable insights for maintaining a healthy personal financial situation. We look forward to collaborating with receeve’s team to deliver great value to our customers.”
Paul Jozefak, receeve’s CEO notes, “Both companies share a vision on delivering advanced data and digital solutions to build the best customer experiences. The commitment to innovation is reflected in ABN AMRO Ventures partnering with receeve to help forge the solution roadmap and be the leader in creating a better journey for the most vulnerable customers while at the same time providing tools to its employees to continually improve their experience as well. We’re delighted to work with ABN AMRO and help the bank dramatically improve automation and engagement and to truly make software deployment seamless.”
Hugo Bongers, Head of ABN AMRO Ventures adds, “receeve’s approach and growth trajectory immediately intrigued us. We look forward to collaborating with the whole team to not only deliver great value to ABN AMRO, but we are excited to partner as investors to fuel growth and expansion and build a market leader across Europe and beyond.”
Banking is undergoing a huge transformation and how collections operations engage customers and how it is measured is a part of that change. Attitudes towards collections payments acceptance and integration have changed.
Time-consuming, legacy technology stack dependent projects to optimise strategies and add new engagement and payment methods are no longer feasible. The ability to integrate a layer on top of existing technology infrastructure and to deploy quickly and easily has become a priority. Organisations have to adopt agile underlying tools to wrangle the data, streamline and automate processes, optimise segmentation and repayment approaches – ABN AMRO is taking the lead in transforming collections & recovery operations.