Merchants Can Have Faster, Less Expensive Payments Via CheckAlt’s eCheck API Solution

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.


We’re here to help banks and credit unions stay on the right side of invention and compete along with these disrupters rather than die out.


One of our innovative products is CheckAlt eChecks, a solution that leverages Check 21 technology rather than ACH, to provide faster and more transparent payments. eCheck payments sent via ACH can take up to three to five days to settle and are subject to strict item limits and thresholds set by the National Automated Clearing House Association.


However, eChecks sent via Check 21 are presented directly to the depository institution and offer fund availability in as few as 12 hours. Additionally, Check 21 eChecks are not governed by NACHA and therefore do not face the same restrictions – instead, custom item limits and thresholds can be set by the institution.


Our eCheck product is an API-based solution, which captures payment data from a front-end website and converts it to a digital front and back image of a check. One of the unique features of our product is its ability to include up to six additional lines of data, such as invoice numbers, customer IDs, transaction IDs, etc., in the memo field of the eCheck image. We also have the ability to include an electronic signature. These features are important because the check image will appear on the payor’s bank statement, as opposed to an alphanumeric non-descript line of data that would appear for an ACH transaction, so the payor (and the bank) will know exactly what the payment was for.


CheckAlt eChecks can be white-labeled by banks and credit unions and offered to business customers as a faster, more cost-effective payment alternative. Financial institutions can also use CheckAlt eChecks to collect loan, mortgage, credit card and other payments from their customers. Our eChecks can also be used by businesses directly.


We are very proud that clients are finding innovative ways to use our products. Indeed, Payoneer, a global leader in cross-border payments, is one company now using CheckAlt’s eCheck solution to improve the speed by which it credits funds between business owners and professionals who are sending and receiving payments.


Our approach not only means faster and less-expensive clearing, but also potentially fewer charge backs, simplified regulation and compliance. CheckAlt’s eCheck API easily integrates into existing websites, as well as desktop and mobile applications.


We truly believe Check 21 is the future of online payments. Our Check21 eCheck solution is just one more way we can be an innovative partner for financial institutions, helping banks and credit unions better compete by being on the forefront of invention.

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