The CheckAlt Blog

In this time of payments convergence when electronic is surpassing paper, application programming interfaces (APIs) are important and powerful mechanisms that can facilitate unified connectivity across a host of digital banking tools. Some banks are embracing APIs and open banking—a concept referring to using open APIs that allow third parties to develop inter-connectivity between data sources—while others are stuck delivering solutions in isolation from each other. Truly transformational services, like those provided by CheckAlt, are delivered in coordination, allowing banks to break away from operational bottlenecks.

When CheckAlt acquired ERAS from Diebold Nixdorf five years ago, the deal catapulted our mobile capture and electronic check processing business to new heights. ERAS provided us with the infrastructure to service banks at a larger scale with a full suite of item processing solutions, and since 2014 we have continued to invest in innovative, secure, and compliant technology.  

Did you know that setting up a validation file with CheckAlt prevents rejections and manual repair of lockbox payments, thus improving cash flow and avoiding late fees?

Onerous contract agreements and inferior products are causing small banks to reconsider partnerships with banking technology core providers. That’s according to a recent article published in the Wall Street Journal. At CheckAlt, our priority is delivering the right products that are easy to implement, without difficult contract terms.

Examining today’s economy as a whole, 55-65 percent of bill payments are conducted online through a biller’s website. Electronic payments are the top choice among consumers, with paying by mail or in person becoming less frequently selected options. But when the economy is viewed by industry sector, it becomes clear that property management turns that trend on its head.

In the payments processing industry, lockbox services providers can sometimes take months to set up and begin processing volumes of complex payments and remittance. When CheckAlt sets up a new lockbox client, it can take as little as seven days.

While CheckAlt remains firmly focused on developing the best in class integrated receivables (IR) solutions, we’re also making significant investments in the payables space by hiring Rob Snyder, formerly of Mastercard’s Commercial/New Payment Group. During his tenure, Snyder played a key role in driving Mastercard’s growth through the development of industry specific use cases for virtual credit cards.

In the 12 years I’ve attended financial services conferences across the country, this year’s Association of Financial Professionals (AFP) event in Chicago was a standout. AFP is always a good conference for me because everyone I’ve built relationships with over the years attends. It’s the perfect event to get face time with people I’ve stayed in touch with all year long. 

The expo floor at the Association of Financial Professionals (AFP) 2018 was buzzing not only with large banks and corporate treasury management companies, but with fintech companies like CheckAlt showing off their innovations for financial institutions and their customers. This is quite a change from previous years, where the show was dominated only by the larger institutions.

Blockchain technology has been a hot-button topic since it was unveiled in 2008, with various camps believing it will—or won’t—completely disrupt the finance industry. Ten years later, the debate continues. Yet I believe we’re getting closer to finding an answer.

(The following is a first-person narrative editorial documenting an experience at Money20/20 in Las Vegas, Nevada, October 21-24, 2018.)

I’m back this week from a whirlwind trip to Money20/20 in Las Vegas. As always, the conference is a “who’s who” of the payments space, with more than 10,000 attendees.

To remain competitive in our tech-driven economy, businesses want to provide their customers the freedom to pay for products and services utilizing any method. Those businesses are choosing banks that make it easy for them to view and manage every electronic and paper payment they receive.

Declining check volume. Mail delivery delays. Economic pressure to cut operational costs. These are just some of the reasons banks across the U.S. are outsourcing their lockbox processing.

A decade after the global financial crisis, the steady growth seen in the financial sector should be viewed with cautious optimism. Credit unions must stay laser-focused on pivoting toward digital transformation to manage evolving risks, push efficiency, and actually benefit from current growth opportunities—before the economy changes course.

Customer expectations are advancing faster than ever before. They don’t have the time or patience to be slowed by dated technology—they demand time-efficient interactions with their financial institution, and access to data at their fingertips. If customer expectations aren’t met, you can’t expect their loyalty for a lifetime.