Global Client Solutions Approves PowerWallet Plus' New "Evidence of Payment" Product for Use by Student Loan and Debt Relief Companies
Fort Lauderdale, FL, August 2, 2016 (Newswire.com) - Fort Lauderdale, FL; August 2, 2016 – The PowerWallet Plus team is pleased to announce that their recently launched “evidence of payment” product for use by student loan and debt relief companies is now approved and available. With the introduction of its real-time relevance engine, PowerWallet Plus’ Evi product is a powerful tool that creates custom data sets from the users’ entries, providing evidence of payment without student loan and debt settlement companies having to rely on phone calls, fax transmissions, IVRs or other labor intensive and questionable methods to show the proof of payment now required by law.
Those behind the product development are understandably excited to be the first fintech company to launch such a relevant and timely product that solves a very prominent industry concern. “We saw a need for this product after learning of the recent position taken by the FTC and CFPB regarding student loan companies and debt relief providers (DRP), enforcing that such services cannot receive any compensation until after the consumer has made his first payment under the new consolidation loan - or, when applicable, forbearance agreement” says Cris Frankel, President of PowerWallet Plus. “Our Evi technology is the ultimate problem-solver, providing the required evidence of payment from the consumer, to the lender.” Debt settlement and student loan companies using third-party payment processors for consumers enrolled in their programs are urged to check with their account management service providers to see how their fees can be accessed once verified by this new technology.
"We saw a need for this product after learning of the recent position taken by the FTC and CFPB regarding student loan companies and debt relief providers (DRP), enforcing that such services cannot receive any compensation until after the consumer has made his first payment under the new consolidation loan - or, when applicable, forbearance agreement. Our Evi technology is the ultimate problem-solver, providing the required evidence of payment from the consumer, to the lender."
Cris Frankel, President, PowerWallet Plus
As a leading edge fintech development platform, PowerWallet Plus provides solutions for all areas of financial services including alternative financial services, banking, lending, money management, investments and fraud protection. The platform provides undisputable evidence that the disbursement of funds from the consumer to the lender has been made – whether this be to newly consolidated student loan(s), DRPs settlement agreements, debt management programs, and any other valid agreements executed by the consumer.
In addition to providing evidence of payment, for student loan companies and DRPs, consumers benefit from the overall features of the PowerWallet Plus platform, as it allows them to take financial control and view all of their financial statements in one place. The platform connects users to over 14,000 financial institutions, giving them a holistic view of their assets, liabilities, cash flow, goals and budgets.
It has become apparent to payment processors, debt settlement and student loan companies from the collective positions of the FTC and CFPB that evidence of payment from the consumer must be made to the lender - subsequent to the applicable forbearance period, and prior to the collection of fees for such services. Consequently, some processors have begun to modify their procedures to correspond with the aforementioned position of these regulatory bodies. Some have already begun withholding disbursements from a client’s dedicated account until a payment is made from a client’s dedicated account to the lender, or until they receive documentation evidencing the disbursement of funds from the consumer to the lender of the newly consolidated student loan(s).
Being an approved vendor with Global Client Solutions or having approved the PWP proof of payment system should not be, nor is it implied as, an endorsement by the company for use of the product.
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About PowerWallet Plus
South Florida-based PowerWallet Plus is a technology company offering an evolved white label personal financial management solution designed to provide a proactive approach to personal financial management for employees, customers and organization members. PowerWallet Plus was founded in 2011 by a team of tech-savvy entrepreneurs with more than 40 years combined experience in the financial services and technology industry. The companies niche is providing businesses wanting their own platform, but either didn't have the time or resources to develop their own. As a leading edge fintech development platform, PowerWallet Plus provides solutions for all areas of financial services including banking, lending, money management, investments, fraud protection, and more. Inherent in the PowerWallet technology is a real-time relevance engine, that can provide access to all payments, dates and payees made by the consumer using the product. It is a powerful tool that creates custom datasets from the users’ entries, making it able to provide evidence of payment.
About Global Client Solutions
Global Client Solutions (Global) is the leading provider of account management services to the debt settlement industry today. Global is an independent third-party payment processor for consumers who are enrolled in debt settlement programs. Although they are not affiliated with any debt settlement company, they specialize in providing disbursement accounts that allow consumers to save funds to pay off their debts. Global’s Accounts are unique due to the separation between consumers and debt settlement companies, providing the consumer with complete control over the funds.
Source: PowerWallet Plus