Tieto s Collection Suite Nova Bring power to your debt collection business
Tieto s Collection Suite Nova - an outstanding solution providing an open and flexible framework for debt management and debt collection. The solution is designed to fit a wide range of businesses - including banks, debt collection companies, municipalities, and other financial institutions. It supports the whole business process for invoice administration and debt collection in various types of portfolios. Being a universal and modular solution, Nova is easy adaptable to regional requirements. Multiple communication channels Powerful amortisation function Flexible financial settings implementation Seamless integrations Bring power to your debt collection business Advanced statistics and reports Extensive automation Customisable solutions Nova s fl exible confi guration tools enable fi nancial institutions to keep full control of business processes and conditions. Nova is an effi cient solution providing: Great possibilities for automatic collection handling and straight through processes Logical and user-friendly interface Automation of debt collection handling to keep manual processes to a minimum. Nova provides rich functionality in a modular structure that: Features customised payment plans, automated case handling system, integrations for import and export, letter designer tool Enables to build a tailored debt collection system. Key functions of efficient collection management Collection Suite Nova, developed by Tieto, enables fi nancial institutions to establish effi cient debt collection management covering all essential key functions. Extensive automation Automation saves time by shortening process throughput time and releasing resources. Nova s dynamic workfl ow management function represents the engine of the application. It supports automation of debt collection handling actions and processes as well as of system tasks. Let Nova do the work!
Business processes are implemented in Nova as an unlimited number of workfl ows that are confi gured accordingly. With the debt collection entities - such as a case, debtor or amortisation plan - positioned in the workfl ows, Nova s workfl ow engine drives the workfl ows by generating the right action at the right time and by responding to external events. Nova Batch Server can further automate execution of system activities. Tasks such as updates, exports and printing jobs can be set on a recurring schedule, to run at specifi c times or to be initiated in response to an event. Should a task fail, notifi cation can be sent via an email or network message. Seamless integrations Nova offers wide possibilities to integrate with other systems. Integrations enable a higher level of automation in debt collection handing by minimising manual handling and shortening process lead times. Nova provides built-in integrations with legal authorities, bank standard interfaces for payment data exchange, exchange of debtor data such as fi nancial and address data. Nova integrates well with other systems within the business for example fi nancial and accounting systems. Nova supports communication for example via Web Services or FTP. Tieto s Collection Suite Nova elevates your business with an outstanding solution, providing a proven and flexible system for efficient debt collection management.
Powerful amortisation function Nova provides an extensive amortisation plan function. The collector can use a vast variety of parameters to establish an individually tailored payment plan for each and every debtor. Type fl at amortisation, annuity and limited annuity Scope of debts and amount types Interest parameters Deduction order Invoice or direct debit Costs associated with the plan Deviations to schedule. Nova simulates the payment plan based on all parameters and automatically manages amortisation costs. Nova automatically observes incoming payments and manages the plan accordingly. In case of deviations in payment behaviour, Nova can act by automatically adapt the plan accordingly or by notifying the collector. There can be several plans running in parallel for the same debtor. A payment plan encourages the debtor to pay their debt. Multiple communication channels Nova supports communication with debtors, creditors and other actors via various channels. Communicate via printed correspondence as well as via telephone, SMS, email, voice messages and the web portal solution enova. Nova letters are used for written communication and statements and documents required for compliance with legal requirements. Nova s letter designer tool enables creation of fl exible letters, both in aspect of design, layout and data content. Letter content is highly fl exible with up-to-date data calculated on print-out. To simplify letter administration Nova letters are built up by reusable templates holding common and recurring information. Nova provides several options for printing, both manual instant printing and automatic handling. Nova s batch server is well suited for automation of printing jobs. Nova supports export of letters to fi le for integration with external printing companies, letter fi les with OMR sorting codes and envelope administration among many functions. Nova s telephone collection functionality enables quick and effective collection handling via telephone. Nova offers functions for preview dialling, where dialling and results are handled by the collector, and power dialling, where dialling is integrated with the company s switchboard. Nova provides close integrations with several well-known dialler systems and application programming interfaces for fl exibility to integrate with additional service providers. enova is Nova s web portal solution that enables debtors and creditors to follow the progress of their cases online. Debtors can perform many of the debt-handling activities themselves at times suitable for the debtor. Creditors can use additional functions such as access reports and statistical extracts, print and follow up on their cases.
Flexible financial settings implementation Nova provides a framework for confi guring fi nancial settings to support the needs of fi nancial and accounting information. The underlying fi nance function provides a vast amount of confi gurable elements, to enable detailed control of how fi nancial transactions are registered in Nova. The transactions generated in Nova are the base for book-keeping data and book-keeping fi les, which can be transferred to a ledger or an accounting system. The framework for fi nancial settings include confi gurable elements for account plan setup, credit and debit account settings, payments, interest rates codes and tables, amount types, commissions, tariff codes and more. Payment information can be entered automatically or manually into Nova. Payment booking rules are a part of the fi nancial settings framework and include elements such as consignor, target, amount, amount types, deduction order, distribution, commission, etc. Through internal system processes and responses, Nova monitors payment activities and takes action automatically or notifi es collectors. Nova supports various ways to implement a debiting model for settlement of costs and commissions for the services between the representative and client. Advanced statistics and reports Nova reports support fi nancial reporting. They enable to follow up business and to provide information and statements for creditors. Data of all events occurring in the system is stored in the database, where it can be used as input for statistics extracts and reports of any kind. Reports can be printed to fi le, paper or screen. The fl exibility in creation of reports enables adaptation to changes in regulations and accounting standards. Customisable solutions The modular design of Nova allows adapting functionality to when and where it is needed, for example to add regional functionality where it is applicable. With this, business activities can expand while using the same system - whether the expansion is geographic, in volumes or in business models or processes.
Solicitor Creditor Creditor Case level Case Case Amortisation level Debtor level Debtor Amortisation Debt Debt Nova User functionality Tieto s Collection Suite Nova combines the best expertise and business knowledge gained during long-term relationship with customers in various European markets. Nova User functionality includes: Logical and user-friendly interface Multi-lingual and country support (ID numbers, date and address formats etc.) Functionality for regional legal collection processes Powerful amortisation functionality Flexible payment deduction functionality Automatic and manual history logs for documentation Extensive options for search and fi nd within the system Individual or group access rights Business objects in Nova Nova implements a number of business objects that are vital and central in debt collection. They can be handled as entities, can be related to each other and can be processed in workfl ows. The Solicitor object refers to the entity that is running collection activity, either for owned debts or on client s behalf. The Creditor object refers to the solicitor s client. It stores common data such as contact data, as well as providing a contract function to store data of the current business relation between the Solicitor and the Creditor. Creditor object can also be used to refl ect separate debt categories or to group different trading stocks. The Case object refers to a collection case and refl ects the most central aspect of the system. The case is related to one or several debtors and one or several debts. The case is placed in a workfl ow to get it to follow a collection process. Its position in workfl ow renders an easy-to-view status code that gives a quick overview of the debtor s total commitment. The Debt object refers to the unsettled debt to be collected. This object stores data of debt, such as amounts, origin and interests calculation. Nova supports customised debt types and a built in type to be used for credit invoices.
Progress Invoice handling Debt collection Debt surveillance Closure The Debtor object stores information about the private person or company for whom the outstanding debt is claimed. The Debtor object can be placed in a workfl ow parallel to the workfl ow for the debtor s case/s. The Amortisation object stores information about the payment plans. Amortisation plan objects are placed in workfl ows to automate collection handling. There can be several plans running in parallel for the same debtor. Object Basic Nova provides its own programming language Object Basic. It is a powerful tool that adds fl exibility and customisation to Nova with its wide range of usage areas. It can be used to ultimately customise Nova behaviour on detail level, as well as to add export or import scripts and to create reports and statistical data extracts. The language is similar to Microsoft Visual Basic. Invoice handling In addition to serve collection cases, Nova provides functionality to handle invoices that are not overdue. Offering an invoice handling service to new and existing customers is a potential way of extending the service towards customers. In Nova, collectors can easily tell an invoice case from a debt collection case Invoice cases can take advantage from automated workfl ows to minimise the need of manual invoice handling. In case of unpaid overdue invoices, it can automatically be transferred into debt collection and seamlessly switch into a workfl ow for collection handling. Communication with the invoice payer is handled by Nova according to customer requests. Customer s own branding can easily be used for invoice and other correspondence. Archiving and deletion Nova s archiving function stores data about cases and debtors for archiving. Data is stored in XML, to provide a good guarantee for its future readability. The archiving function is fully integrated with the delete function, meaning that data deleted from Nova is first automatically archived. Archiving and deleting of data that is no longer used is an effi cient way of limiting data quantity in the database, relieving the load on databases and servers. It can also give positive effects on processing speed Take advantage of the modular concept to build the collection solution of your choice.
Tieto Collection s Suite Nova supports retail and corporate debts in various types of portfolios or in third party debt collection. Nova support a wide range of business from large complex business with large debt collection case volumes and high level of automation to smaller business with less volume. With the extensive experience of developing and implementing solutions for debt collection handling, Tieto is acknowledged as preferred solution supplier. Collection Suite Nova currently used in 75 installations in 16 countries. Our clients are found among debt collection companies, banks, municipalities and companies with other financial activities. About Tieto Tieto is the largest Nordic IT services company providing full life-cycle services for both the private and public sectors and product development services in the field of communications and embedded technologies. The company has global presence through its product development business and global delivery centres. Tieto is committed to developing enterprises and society through IT by realizing new opportunities in customers business transformation. At Tieto, we believe in professional development and results. Founded 1968, headquartered in Helsinki, Finland and with approximately 14 000 experts, the company operates in over 20 countries with net sales of approximately EUR 1.6 billion. Tieto s shares are listed on NASDAQ OMX in Helsinki and Stockholm.