The CheckAlt Blog

CheckAlt is the engine that powers payment processing for thousands of financial institutions and businesses across the United States. As such, you may be curious to know what’s actually running "Under the Hood." In this new series, we detail CheckAlt's products and services that are accelerating digital transformation for our clients today, as well as the payments solution innovation our Product Team is building in the race toward a faster-payments future.

The postal delays and security concerns heightened in 2020 have further driven tens of millions of consumers across the U.S. to choose to pay homeowner’s association dues, tuition fees, trash bills, and other one-time or recurring payments to billers electronically instead of by check.

CheckAlt is delighted to announce the release of CaptureNet Management 3.0, the latest version of CheckAlt’s hub for all capture channels from ATM to branch to mobile device. Our IT Team has improved the overall performance and functionality of this product including single sign-on and private-label capabilities, multi-factor authentication, and customizable permissions—all presented within a fresh, streamlined web interface.

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.

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?

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.

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.

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.

Did you know that regulators are pushing for faster electronic payments for all Americans by 2020?

Though Americans are still writing billions of checks per year—2.5 billion, to be precise, according to market research firm Aite Group—financial institutions across the country are helping their customers switch to electronic payments with CheckAlt’s LoanPay.

Converting bank clients who have traditionally paid by check to an electronic payment system isn’t easy. Though after integrating CheckAlt’s LoanPay solution, The Upstate National Bank was able to transition 20 percent of its client base—many of whom were wary of electronic payments—from paper payments to digital transactions.