Project description
Intelligent debt collection
Debt collection in finance is being disrupted by artificial intelligence due to the availability of massive amounts of historical records of customers for banks and other financial institutions. The EU-funded Cortx programme is an intelligent debt recovery platform that automatically processes and analyses insolvency documents to administer and predict the outcome of debt recovery. Cortx increases efficiency, reduces default levels and improves net margins for all stakeholders in the European insolvency sector. Cortx aims to reduce the level of non-performing debt on a global scale by bringing machine intelligence to the insolvency market.
Objective
Cortx is an intelligent debt recovery platform that automatically processes and analyses insolvency documents to administer and predict the outcome of debt recovery. Through machine learning Cortx increases efficiency, reduces default levels and improves net margins for all stakeholders in the European insolvency sector.
Cortx is designed to be used by insolvency practitioners, credit management firms, and creditors, including financial institutions, local governments, and utility companies. Cortx will generate revenue through a per-case fee model, with a fixed fee charged upfront for every new case onboarded. A recurring per-case per monthly fee is also charged for the ongoing use of analytics and forecasting algorithms on all live cases in a firm’s portfolio. Commercialisation in the UK personal insolvency market will be targeted first, followed by European and North American personal insolvency markets.
Our vision is to reduce the level of non-performing debt on a global scale by bringing machine intelligence to the insolvency market. We aim to be the central data manager for the insolvency market allowing real time transfer of information and documentation with a fully auditable and compliant core. The proposed project will enable us to expand into EU markets, by undertaking in-depth market research, devising a market entry strategy for EU countries, and consolidating strategic partnerships necessary for European commercialisation. It will also allow us to further develop Cortx from its current stage by optimising technical aspects and developing its predictive functions, localising it for EU markets and running a pilot with potential customers in these new markets. At the end of the project we will be ready to commercialise Cortx in our go-to-markets of the UK, Germany, France, Italy and Spain.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
- natural sciencescomputer and information sciencessoftware
- natural sciencescomputer and information sciencesartificial intelligencemachine learningdeep learning
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Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
F94XVN6 ARDARA
Ireland
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.