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.
Conversations amongst attendees, including representatives from financial institutions across the country, echoed the shifting sentiment about emerging technology developed by fintech companies. More banks and credit unions are recognizing that it is often more cost effective and efficient to partner in areas like digital payments with vendors that offer innovative software and excellent customer service.
Overall, financial institutions seem more eager to work with fintech companies like CheckAlt, combining the reach and scale of financial institutions with the nimble, thorough execution of fintech companies to create momentum that drives value for consumers.
Case in point, CheckAlt’s Catch! solution allows online bill payments to remain electronic. We're improving the experience of paying bills through online banking portals, driving costs down for financial institutions while improving cash flow for commercial customers.
We expect to see banks further partner with fintech companies as the market continues to evolve, especially in areas like fraud prevention and real-time payments.
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