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Organizations collecting debt in financial services and other industries have worked hard to prepare for 2018, an epic year for new regulations and accounting standards. With the International Financial Reporting Standard 9 (IFRS 9) and the first pillar of the second Payment Services Directive (PSD2) effective as of January, and the General Data Protection Regulation (GDPR) effective as of late May, just ticking off the boxes from compliance must-do lists is a feat of heroic proportions.
But 2018 is also epic because this is the year when collections performance is finally being recognized as a source of competitive advantage.