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Editorial Viewpoint Quick Response, Thoughtful Support Spotlight On Peregrin Services Corporation Spotlight On HSBC Bank USA, N.A. COVER STORY Expanding Menu of Network Services Adds Exciting Options for Our... NEWS REPORT Bankruptcy Reform Legislation Spurs DMP File Changes... NEWS REPORT HSBC Dramatically Expands Electronic Volume in Retail Lockbox NEWS REPORT Advertorial Aims to Raise Biller Awareness about Electronic Payments NEWS REPORT New Program Takes Educational Approach to Selling the MasterCard RPPS... INDUSTRY INSIGHTS Q&A with Gwenn Bézard		SPOTLIGHT ON Peregrin Services Corporation Founded in 2000 and headquartered in Owings Mills, Maryland, Peregrin Services Corporation is dedicated to a single mission: improving the service, performance, and accountability of the credit counseling and debt management industry through the application of technology and insightful information management. Relying on the advanced technology of the MasterCard RPPS network, this privately held company provides automation, technology, and business process outsourcing services to some of the largest and most respected creditors in the country, plus most recognized credit counseling agencies nationwide. Peregrin's innovation, expertise, and service have quickly made it an acknowledged leader in its field. An easy and inexpensive solution Peregrin has made its mark in the industry by enabling creditors and agencies of all sizes to easily and inexpensively share and process electronic proposals for debt management plans (DMPs). "In our line of business, we see that MasterCard RPPS is the recognized standard in the industry," says Mike Morency, president and CEO, Peregrin. "Many credit counseling agencies wanted to send their proposals by way of MasterCard RPPS. We give creditors a way to easily and effectively evaluate and process those proposals without having to develop an interface of their own. "Working with MasterCard RPPS, we've been able to come up with a very cost-effective, scalable alternative incorporating all of the MasterCard RPPS tools for electronic proposals." Peregrin's Web-based solution requires only a terminal and minimal training for a creditor's staff. This allows a creditor to get electronic DMP proposals flowing into its system in a very short time. Larger creditors also use direct interfaces with Peregrin for automated decisioning and payment integration to better manage agency and portfolio performance. Fast turnaround Paper-based processing of proposals is not only labor-intensive and expensive on the front end, but because turnaround time is measured in weeks, many consumers abandon the DMP in favor of other options less attractive to creditors, e.g., bankruptcy. "With overnight transmission of DMP proposals via MasterCard RPPS, we can get close to a 24-hour turnaround on a proposal," says Morency. "The consumer gets on a plan quickly, and the calls from the collectors stop immediately, resulting in higher retention and liquidation." Suite of solutions The entire DMP proposal process is further enhanced by Peregrin's call management service, which allows creditors to refer customers directly to reputable credit counseling agencies that are right for both the creditors and their customers. "Directed referral puts customers in touch with agencies that respond effectively," Morency says, "and it can improve a creditor's liquidation rate by as much as 20% to 30%." Peregrin also offers creditors DMP portfolio consulting, which provides strategies for lowering attrition and enhancing liquidation rates. Partnership with MasterCard RPPS Morency identifies MasterCard RPPS as an important resource that heightens the effectiveness of Peregrin solutions. "Our close relationship with MasterCard RPPS helps us maximize the opportunities that are presented by changes in the industry, such as the new bankruptcy legislation," he says. "In a very short period of time, MasterCard gathered major industry participants in a wellinformed, well-attended conference to propose and agree on new standards for supporting the new bankruptcy legislation. MasterCard RPPS has responded very well to this challenge, and this enhances our flexibility in adjusting to the new conditions. (See related News Report.) "Also, MasterCard RPPS has such excellent control over biller and mask information in its system," says Morency. "This allows us to control this data very tightly for our creditors, so when agencies are submitting proposals, they can get immediate validation of account information, without having to make calls and incurring additional costs. It speeds up the entire process." What's more, he says, creditors recognize the MasterCard RPPS brand and want their service providers connected with the network. "It's a great partnership that works well for us," Morency says. Printer Friendly Version Back to Top