Our Financial Services industry is highly regulated and experiences a seemingly constant flow of new rules being proposed, debated, and implemented. This impacts financial institutions both big and small. As part of CheckAlt’s effort to support our client community, we actively engage with our financial institution clients to stay abreast of their compliance pertaining to regulatory changes.
Smartphone banking has become the norm. In the face of this, behemoth banks, desperate to reduce their expenses in order to keep their products competitive and please shareholders, are closing branch locations by the thousands. This has unlocked an opportunity for smaller financial institutions to buck the trend, grow their physical presence, and better serve their communities.
Many financial institutions (FIs) offer their customers the ability to pay bills via an online portal; this service is called Online Bill-pay. To initiate the transaction, a consumer will typically select or key-in the company they are making the payment to (e.g., a utility, department store, homeowner’s association, etc.), and then key-in other critical pieces of information, including their account number and the dollar amount of the payment.
Klik Technologies, Corp. is known best for providing lockbox treasury management solutions to banks and credit unions that don’t have the wherewithal, resources or expertise to perform such services in-house. But we can also partner with financial institutions that may have internal lockbox capabilities for their existing markets, but may need our services for new markets that are outside of their footprint.
The financial services industry is increasingly having to grapple with the new normal: a rapidly changing technology landscape and commercial client behavior.
Today only very large institutions have the resources to meet the demand, especially in a rapid and frequent manner – so how can community banks and credit unions compete in such an evolving competitive landscape?
At CheckAlt, we listen to our customers, and if there is a pressing need, we don’t wait for the product life cycle to enhance our products and services. And sometimes we win industry awards because of our quick and effective responses.
Acquisition creates industry leading provider of payment solutions to close to 500 financial institutions and hundreds of corporate customers with a national footprint to serve growing customer base
LOS ANGELES - June 16, 2016 - CheckAlt, a leader in mobile and Check 21 payment and item processing solutions, today announced that it has acquired Klik Technologies, Corp. (“Klik”), a New York corporation that was a wholly owned subsidiary of MUFG Union Bank, N.A..
Financial Regulators Announce New Deposit Reconciliation Guidance
WASHINGTON — The five federal financial agencies released guidance on Wednesday that requires financial institutions to ensure they are addressing discrepancies customers sometimes face between the amount they deposit in their account and the amount they are credited.
By Allison Murray, Executive Vice President, Business Development
Financial institutions really want us to be a partner in disruptive technology. I attend a lot of conferences in the disruptive space, and bankers as well as credit union executives tell me that they are experiencing interloping companies, such as Apple, Amazon and other players, trying to take away customers by offering a host of alternative financial services. They are entering these markets, but are causing great disruption and upheaval in the process.
By Robert MacMahon, Executive Vice President, Business Development & Channel Management
By now, practically every traditional bank or credit union understands that they have to find ways to either compete with or embrace FinTech to attract and keep customers.
But it’s not just about retail customers, particularly Millennials who have been bred to expect that technology should meet just about every demand at their fingertips.