Why Financial Institutions Are Thriving with CheckAlt's Solutions
Written by Tammy Ramirez
At CheckAlt, I have the privilege of working as the relationship manager for banks of all sizes. Our goal is to make sure their payment processing and treasury management needs are met. One of the mid-sized financial institutions we serve recently told me that their business is booming—a sentiment I’ve heard from several of our clients.
Here are four reasons why CheckAlt will continue to support their needs and continued growth:
1. While some providers are not willing to add new business during the pandemic, CheckAlt has onboarded 50 new deals and continues to grow.
From the beginning of the pandemic, CheckAlt has been communicating with clients and prospects about the challenges they face in managing check processing—a task that cannot be completed remotely. Our 13-site processing network enables us to accept, open, batch, and scan your mail and send files daily to keep payments flowing. As branches closed, many of our clients experienced a shift toward ATMs and digital deposit and payment solutions. CheckAlt’s consumer and business remote deposit capture solutions have helped support demand for “contactless” services. We will continue to do our part to provide scalable, considerate solutions for our partners navigating these challenging times.
2. CheckAlt offers the ability to process mail for multiple DDAs to one lockbox.
Assigning multiple demand deposit accounts (DDAs) to a one lockbox allows businesses to reduce P.O. Box costs, receive money in the bank faster, simplify reconciliation from a consolidated web portal login. For example, property management firms that oversee multiple association, office, or residential properties—each with their own separate bank accounts—can be grouped together and assigned to a single lockbox. CheckAlt uses the identifying information on the payments, as instructed by the property management firm, to generate deposits for each property into the corresponding bank account. Reports reflecting the deposits by account are available to view and download from CheckAlt’s online portal daily. Plus, our team can add additional properties or accounts to a lockbox within 24 hours.
3. CheckAlt has an API integration with Yardi that is ready to use today.
Using our API integration, CheckAlt can pull bill and stop file data directly from property management software provider Yardi’s online platform Voyager into CheckAlt’s database. CheckAlt is also able to submit remittance file data directly into Yardi Voyager without needing to export data. Yardi Voyager users will see remittance data in real time (or as soon as they manually update their general ledger, depending on their user settings).
4. CheckAlt’s strategy focuses on capturing processing paper payments and converting that paper to electronic.
As a result of our strategy to become the universal payment hub, no one in the industry can process checks, online bill pay, ACH, and card transactions like CheckAlt can today. It is our goal to expand our digital payment capabilities as we assist financial institutions convert traditional payments to digital and real-time payments.