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Quinnox developed a scalable Client Money Management system for UK’s leading insolvency exchange, ensuring smooth handling of large volumes of new creditors.
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| Client |
UK`s leading insolvency exchange – a provider of analytics based debt management solutions. It manages debt portfolios for UK’s leading financial services companies, utility providers and debt purchasers.
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| The challenge |
The rapid growth of the Individual Voluntary Agreement (IVA) Management, which gives a debtor the right to protect from getting bankrupt as per the UK Insolvency law, posed a challenge to creditors as 50% would account as bankruptcy cases and the creditor would loose money.
The client conceptualised an Insolvency Exchange which managed the IVA’s on behalf of the creditors thereby outsourcing the front and back office work to the new system. Debtors could now submit their IVA’s online through their Insolvency Practitioners.
They required an IT partner to create the Client Money Management (CMM) system to manage all payments linked with IVA’s. |
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