L@w, Global Technology enter JV to streamline debt management
Risk management and debt collection have traditionally been regarded as tedious and costly exercises. However, thanks to Cyber Risk Management, a joint venture between Lawyers Access Web (L@W) and AJS Software (AJS), part of Global Technology Limited, the process is set to change. The result will be vastly improved output and profitability for those who manage risk and deal with high volumes of debt collection.
Ken Theron, CEO of Global Technology Banking says, "In the past, companies were faced with a number of options; they could attempt to recover the debt themselves, hand the matter over to an attorney, cede the debt to a third party or simply write it off. Each of these methods could be expensive, often with costs of recovery outweighing the actual sum owed."
The Cyber Risk Management solution has been designed for attorneys specialising in risk management and high volume debt collection.
The L@W - Global Technology joint venture is a web-based application which exports data over a Virtual Private Network (VPN), drawing data from a customer`s database and then exporting it to the attorney`s desktop system, where the document preparation takes place, seamlessly populating the AJS Software. No manual capturing of data is necessary. Matters can be dealt with on an individual or batch action basis, making the system highly efficient. Status reports and changes in data at either the client or the attorney`s sides are then uploaded to the L@W web server for online viewing by client and attorney. The system is capable of linking any number of parties including credit information services, financial institutions etc.
Theron continues, "The benefit for attorneys is that they are able to increase their output while cutting costs. This should translate into greater profits. The response has been very positive, as attorneys are now able to enhance their performance and deliver optimum service to their clients.
L@W is the Local Registration Authority for the South African Certification Authority (SACA) and SACA the Root Certification Authority for VeriSign in the USA. Proof of identity of the parties is provided for through use of Digital Certificates that are downloaded onto desktop servers or onto smart cards.
Confidentiality and the integrity of data and communications are protected through the use of VeriSign`s Public Key Infrastructure (PKI). These are encrypted, hashed, and passed through L@Ws Trusted Third Party server in the secure SACA environment. All data and communications are time and date stamped to secure a full audit trail through L@Ws Trust Journal.
Cher Gerrard of L@W says, "Using the Cyber Risk Management service, attorneys are able to handle high volumes. The real benefit is that the system is highly cost effective with little or no upfront capital expenditure. Our billing model is transaction based which means that apart from the monthly subscription fee, users only pay for utilizing the service. Payments can be tailored according to volume."
The L@W - Global Technology relationship is naturally synergistic and a perfect complement for both Companies. Through AJS, Global Technology has over 20 years of experience in providing specialized software solutions to the legal fraternity and the corporate arena. L@W is an Application Service Provider.
Theron says that L@W and Global Technology have already established a good working relationship with the AJS client base and saw mutual benefit in pursuing the synergies that exist between the two Companies.
"The Cyber Risk Management solution can drastically reduce costs in terms of time and overheads, enabling attorneys to add value and increase the quality of service to their clients, in short, streamlining the entire process" concludes Gerrard.