Before integrating the BankruptcyWatch connector within the AKUVO Platform, FAIRWINDS Credit Union, like many other institutions, faced significant challenges with outdated methods for managing bankruptcy cases. Wickham highlighted, “In our experience, over 95% of organizations rely heavily on court system emails and collections calls—even when they already have bankruptcy monitoring tools. We haven’t encountered a single institution that isn’t still juggling manual processes to confirm filings, reconcile data, or catch errors. This reliance not only raises the risk of compliance issues but also leads to missed deadlines and inaccuracies in court filings.”

“Our connector with the AKUVO Platform supports claims filing deadlines, automating the process so there are no concerns moving forward,” said Wickham. Person monitoring, case monitoring, and PACER integration ensure accurate and up-to-date information without manual intervention.

Plotkin shared, “The risk reduction was a significant driver for automating the process. Before the BankruptcyWatch connector, notifications could come from multiple sources such as emails, physical mail to branches or the corporate office, and lock boxes for credit cards. This dispersed approach often resulted in delayed actions and potential compliance issues.”

BankruptcyWatch scrubs the portfolio every night, providing a fresh update on new bankruptcies each morning, primarily based on the account-holder’s Social Security Number rather than relying on the debtor to list the creditor correctly. This automation has not only increased efficiency but also provided FAIRWINDS’ bankruptcy specialist with a clear queue to work from every morning, similar to how collectors handle delinquent accounts.