The CheckAlt Blog

Compared to other industries with higher adoption of online payment options, community association management often suffers sluggish paper-based processes. As a result, back office staff members spend countless hours each month reconciling check payments with those received electronically.

The association management industry faces unique obstacles in managing all of their resident payments. These consist primarily of various types of dues and assessments paid by homeowners on a monthly, quarterly, or yearly basis. While homeowners’ payment preferences are shifting toward digital methods, many continue to mail checks with paper payment coupons to an association’s designated lockbox provider.

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.

(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.

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.

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.

In 1951, after a string of bank robberies, Willie Sutton was caught, and then interviewed. He was asked why he keeps robbing banks. His response: “Because that’s where they keep the money.”

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.

Why should banks and credit unions consider consolidating their vendor relationships? Here are three top reasons. 

Klik Technologies Corp. offers a host of receivables management products and services to merchants, homeowner associations, utility companies and other organizations – a one-stop shop so clients can obtain all of their receivables in one channel.

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.

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..