LOS ANGELES, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) announced today that it will partner with automated debt collection and artificial intelligence company Resolve Debt Inc. to bring gamification and interactive elements to Resolve’s existing AI-powered credit and debt management products and customers, with the goal of addressing a portion of the $4.5 trillion US consumer (non-mortgage) debt market.1
Versus uses interactivity and rewards to make advertising and entertainment more engaging, driving consented first-party data for brands that want to connect with their consumer base. Resolve uses artificial intelligence to guide companies in engaging with consumers who want to manage their arrears. This unique partnership will incorporate AI and gamification to provide a cutting-edge user experience, helping consumers manage and pay their debts effectively and efficiently.
“This is a unique opportunity for Versus,” said Matthew Pierce, Founder and CEO of Versus Systems. “We get to partner with experts and new generation technology innovators in fintech, payments, and generative AI who have successfully built significant fintech and AI businesses in the past.
“It’s a new application for products and methods that we have long believed in. Our entire product suite has always been built around the effectiveness of interactivity and rewards to incentivize end users. Adding this expertise to Resolve’s generative AI platform will help more companies provide appropriate repayment solutions to consumers cost effectively, at scale.”
Trent McKendrick, Resolve’s Founder, commented: “Consumer debt and past due collections in the United States is an enormous issue, managed by outdated methods in the digital age. We’re nearing a trillion dollars in credit card debt alone and seeing card usage at an all-time high. Resolve is providing businesses with the best technologies to help their consumers manage their finances, pay down their debts, and become debt-free. Versus leans into a scalable solution that prioritizes positive and beneficial solutions for a consumer base that is tired of aggressive and forceful debt collection methods."
Gonzalo Mordecki, AI / ML Product Manager of Resolve, added: “Resolve’s AI automates the tedious tasks, leaving businesses with more time to do what they do best and serve their customers. Data-driven algorithms optimize time of day, frequency of messages, and suggestions on which accounts to reach, according to risk modeling. Our conversational AI assistant also automates frequently asked questions, leading to targeted user engagement and quality actions being taken, using our white label arrears.com repayment portal.”
1 https://www.newyorkfed.org/newsevents/news/research/2022/20221115
About Versus Systems
Versus Systems Inc. is an engagement and rewards company that makes live events, games, shows, and apps more fun to watch and play. Versus adds interactive games, polling, trivia, predictive elements, and other win conditions to existing entertainment - making the content more contextual, personal, and rewarding. Versus works with world class sports teams, leagues, venues, entertainment companies, and other content creators to make engaging, rewarding experiences for fans all over the world. For more information, please visit www.versussystems.com or visit the official Versus Systems YouTube channel.
About Resolve
Resolve Debt Inc. has developed proprietary software for companies of all shapes and sizes with a high-performance, white-labelled accounts receivables solution, via its arrears.com repayment portal. Resolve leverages conversational artificial intelligence and large language machine learning models to serve repayments at scale. Resolve is the preferred solution for companies serving the millennial and Gen-Z consumer market. Resolve’s innovative approach is based on emerging technologies including generative AI communication tools. For more information, please visit: www.resolvedebt.co.
Investor Contact:
Cody Slach and Jackie Keshner
Gateway Group, Inc.
949-574-3860
IR@versussystems.com
or
press@versussystems.com
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward looking statements. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable law.
