CheckAlt Grows in the Years After Klik, ERAS Acquisitions
Written by Shai Stern
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.
In 2016, CheckAlt acquired Klik Technologies and its lockbox services network from MUFG Union Bank to become a nationwide check processing provider. Both acquisitions resulted in industry doubt. I would attend industry events such as Money 20/20 and NACHA’s Payments Conference and be approached with questions, “What are you doing? Why are you buying into checks?”
In business and in life, it is important to me to remain the eternal optimist. Naysayers, doubters, and haters will always be there to create doubt and fear. It is when we tune them out and instead tune into what we believe that we find the path to success.
Over the years, banks have chosen to outsource treasury and payment processing to simplify operations and reduce costs. Fast forward to today: check processing services are more needed than ever because of the consolidation in the market and the complexities around receivables data. As a result, CheckAlt has become the fastest growing independent provider of treasury and payment solutions for financial institutions and their clients.
By staying the course, CheckAlt has created and gained significant traction in our lockbox solutions. We have enhanced and launched innovative solutions, including our solution to online banking bill pay checks: Catch!. As well, we have rolled out and are expanding a complete suite of processing solutions including cards and merchant processing. The combination of our product innovation with the team we have attracted, the trust we have earned from our clients, and the expansion of our processing network to 14 sites across the United States, fuels my optimism for CheckAlt as the only company in the industry to become perfectly positioned for payments convergence.