How vExchange Gates Help Vertican Senders

What Can Gates Do?

You may be under the impression that Gates only reject data. Actually, Gates don’t have to reject any data. Find out how our Senders use them to manage data, monitor events, and avoid manual work. These are some of the Sender stories made possible by Maryann McBrinn, vExchange Product Owner and her team.

• Gates Protect Senders from Compliance Risk
• Gates Filter Data Automaticallly vs Manually
• Gates Stop Record Updates from Triggering Sender Events
• Gates Save Time Managing Financials

Gates Protect Senders from Compliance Risk

One of the largest debt buyers in the U.S. has implemented a set of custom gates, some of which were the inspiration for these Universal Gates:

• Universal Gate 4005 notifies the Sender if a suit code is reported
  on an account with an expired statute of limitation (SOL).
• Universal Gate 4003 notifies the Sender if a call is attempted on a
  Cease & Desist or Do Not Call account.

With Gates monitoring events and notifying them, the Sender is free to focus on value-added work. Without Gates, the Sender would either have to manually sift through data in Excel or create an offline tool.

Gates Filter Data Automatically vs Manually

Our next story involves a national debt buyer based on the West Coast. Of the hundreds of vExchange codes, they only wanted specific codes that aligned with their Sender-driven compliance requirements.

• Previously, they would export the data from vExchange to Excel
  and filter the codes manually.
• Then they would import the data back into their system of record, which is Q-Law.
• Now they have controls in place with Universal Gate 2008 (Invalid Activity/Status Code) to automatically filter the vExchange codes coming from Receivers.

As a result, the Sender can focus on managing underlying issues rather than slicing and dicing data in a spreadsheet.

Gates Stop Record Updates From Triggering Sender Events

A national consumer finance company wanted to stop vExchange record updates from triggering events on their side.

• The Sender received blank records whenever the place of employment (POE) was removed from a Collection-Master file.
• The blank record would trigger a proprietary event notification in the Sender’s system, and they spent time trying to figure out why there was an event with no data.

Now this Sender uses Universal Gate 2009 (Updated/Blank POE Information Received from Firms) to block blank POE records, stop Sender notifications from occurring, and take the strain off their legal managers.

Gates Save Time Managing Financials

A large Midwest debt buyer recently implemented a set of custom financial gates.

• Before implementing these gates, the Sender had at least two staff working full-time to manage their financials.
• They would manually perform the gate checks offline to make sure the data met the requirements of the firm manual.
• After implementing these gates, staff time went from 80+ hours per week to about 2 hours per week.

Essentially, the Sender outsourced their effort to vExchange and freed up their FTEs for value-added work.

About vExchange Gates

vExchange has more data and record types than YGC, and more information for the Sender to better evaluate data. With more data comes complexity and risk.

• As your portfolio grows, you need to make use of tools to automate monitoring, so issues are resolved as quickly as possible.
• Request access to the Mastermind session on Universal Gates for Senders
• Check out Universal Gates in the vStore.

Reprinted from the March 2024 vConnect.