The recovery arm of PSCU, CU Recovery, is now being renamed TriVerity and will serve as a full-service collections agency, according to a press release emailed to PYMNTS.
TriVerity is a name that “embodies the mission and core values of the organization.” The new name also reflects the joint cooperation of teams from PSCU and CU Recovery. “Tri” speaks to third-party collections, according to the release. “Verity” refers to a true principle or belief of fundamental importance, per the news release.
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“While the brand identity may have changed, our mission, core values and commitment to our clients remain the same. As we continue to navigate an unpredictable economic landscape, we want financial institutions and their account holders to know they can put their trust in us now and in the future,” said Jack Lynch, chief risk officer at PSCU and president at TriVerity.
He added, “The transformation truly reflects what the brand represents: Trust. Transparency. Together.”
Launched over 30 years ago under its previous name, TriVerity is a full-service collection agency and specializes in helping financial institution account holders resolve debts. The firm specializes in managing non-performing and charged-off loans and offers a full suite of third-party collection services. The company had a record-breaking month in March for recoveries, collecting over $3 million in charged-off debt for the more than 850 financial institution clients it serves.
Triverity also has a Loan Service Center unit that extended staffing assistance to the collections departments at financial institutions to help reduce the losses on delinquent active loan portfolios.
PSCU is a credit union service organization (CUSO) and works with over 1,800 financial institutions representing more than 6.9 billion transactions each year. PSCU offers payment processing, risk management, data and analytics, loyalty programs, digital banking and more.