Repay Holdings launches AI-powered phone payment solution

Repay Holdings Corporation (NASDAQ: RPAY) announced the launch of REPAY Voice™, an AI-powered interactive voice response (IVR) solution that allows consumers to complete payments over the phone through conversational dialogue rather than traditional menu navigation.

The product uses a large language model to enable callers to speak naturally, verify their identity, access account balances, and process payments in real time. The system recognizes a caller's phone number, retrieves saved payment methods, and processes transactions based on verbal instructions.

"Traditional IVR can be a pain point for consumers and businesses," said Matt Morrow, Executive Vice President of Consumer Payments at REPAY. "REPAY Voice replaces the 'press 1 to pay' experience with real conversation. When paying by phone is this easy, more calls end in payment."

According to the company, the solution is intended for consumer lenders, utilities, government agencies, credit unions, banks, automotive finance providers, collection agencies, and servicing teams. REPAY states the product is designed to reduce call abandonment and improve payment completion rates compared to traditional IVR systems.

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