Analytics and decision management technology provider FICO has teamed up with Savvis to deliver FICO’s Debt Manager service in the cloud for lenders and collection agencies. Savvis provides cloud infrastructure and hosted IT services for enterprises.

Although IT decision makers continue to cite security concerns as an obstacle toward cloud adoption, more financial businesses are migrating toward cloud-based services for other benefits associated with cloud, according to Matthew Dixon, FICO’s IT director.

“The financial world is moving more toward cloud-based services as they recognize that cloud-based service providers have built deep experience and expertise in providing the highest levels of security over the years and as such, they can very often be more confident in an external provider who has this as their primary consideration,” Dixon said in an interview with TMCnet. “This was also a significant factor in our decision to partner with Savvis, along with their global footprint, high levels of service availability, service quality and market leadership.”

FICO Debt Manager changes the collection and recovery processes for credit card accounts, secured and unsecured loans, mortgages and deposit/current accounts with adaptive control capabilities and an architecture that aligns with business needs, Dixon said. Built using a Service Oriented Architecture, FICO Debt Manager allows lenders of all sizes to implement the platform with multiple configuration options and work in public, private and hybrid cloud environments.

According to Dixon, Savvis is a “market leader” in hosting services and FICO considered the maturity level of several vendors in the area of security, stability, global presence, cost and the brand strength.

“Working with Savvis helps lenders streamline the collections process, as they have access to best in class collections and recoveries capabilities with short time to value and flexibility to scale up and down as demand dictates,” Dixon said.

FICO Debt Manager is optimized for Savvis data center services and Savvis Symphony Dedicated Cloud, an enterprise-class cloud computing service. This means that lenders are now able to deploy the solution faster, cut collection costs, improve productivity and collect more from delinquent customers, according to Stuart Wells (News - Alert), chief technology officer at FICO.

“The portfolio mix has changed for lenders and collection agencies, including length accounts stay in collections, increase in “good” customers who are delinquent, and the massive increase in debt volume, requiring even faster response and proper treatment of each account,” Wells said.

“Lenders and collection agencies need debt management solutions built with a modern architecture that can be deployed quickly in multiple environments including private, public and hybrid clouds. By working with Savvis, FICO is now offering our clients the flexibility and agility they need to improve collections and recovery results in this very challenging environment.”

Want to learn more about cloud communications? Then be sure to attend Cloud Communications Expo, collocated with ITEXPO West 2012 taking place Oct 2-5, in Austin, TX.  Stay in touch with everything happening at Cloud Communications Expo. Follow us on Twitter.