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The on-time conversion, which involved a change of issuing banks, product and branding, processing system, and account servicing, took less than 45 days from inception to completion.
Due to the time of the year and the extenuating circumstances facing the owner of the receivables (a well-known financial investor), it was paramount to execute and complete the transaction quickly so the cardholders experienced minimal disruption to their accounts and purchasing capabilities. "Executing a successful conversion like this demonstrates our flexibility to tailor solutions to the unique needs of lenders holding assets with deteriorating credit performance," said Patrick Moore, Chief Operating Officer.
Genesis Financial Solutions is known throughout the industry for managing distressed unsecured consumer receivables, and structuring and executing complicated transactions. Over the past several years, Genesis has completed several similar transactions, including acquisition of a $250MM pool of distressed credit card accounts from a top five issuer. Partners are attracted to Genesis because of its flexibility, speed of execution, focus on compliance, and operational excellence.
"As delinquency rates worsen, prime issuers find themselves managing growing pools of non-core assets that require specialized servicing. Leveraging Genesis' internal systems and strategies has proven to be an attractive alternative to building those capabilities internally," said Brian Enneking, SVP of Business Development.
Genesis Financial Solutions, of Beaverton, OR, is a privately held diversified consumer financial services company with expertise in the management and servicing of credit-sensitive unsecured consumer loans. Genesis originates and services credit card accounts and consumer loans across the credit spectrum. Genesis also acquires, manages and services performing and nonperforming consumer portfolios.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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