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Agentic Artificial Intelligence (Agentic AI)
Summary: In receivables, agentic AI can enable proactive automation of tasks, from exception handling to payment reconciliation.
In receivables, agentic AI can enable proactive automation of tasks like exception handling, payment reconciliation, and workflow decision-making. Unlike reactive or rule-based systems, agentic AI can anticipate next steps and act without manual triggers. For CheckAlt, agentic AI is a developing area that can help institutions streamline receivables and payment workflows in the future.
Application Programming Interface (API)
Summary: An API allows different software systems to communicate and share data securely.
An Application Programming Interface (API) defines the methods and data formats software systems use to exchange information. APIs enable integration between financial institutions, payment platforms, and back-office systems. APIs are the backbone of modern payments innovation, making it easier for institutions to connect services, reduce manual file transfers, and accelerate time to market. CheckAlt provides APIs that integrate receivables, lockbox, remote deposit capture, and digital payments directly into FIs' systems, ensuring smooth, real-time interoperability.
Artificial Intelligence (AI) in Receivables
Summary: AI in receivables is the application of artificial intelligence to automate payment posting and reconciliation tasks.
AI in Receivables is the application of artificial intelligence technologies to automate processes such as exception handling, intelligent scanning, payment reconciliation, customer insights, and client support. It refers to using machine learning and data models to interpret remittance information and reduce manual intervention. For CheckAlt, AI in receivables represents an evolving capability, with growing potential to enhance integrated receivables solutions by improving accuracy, speed, and customer experience.
ATM Deposit Capture
Summary: ATM deposit capture allows institutions to accept check deposits through ATMs, with images securely processed for clearing.
ATM deposit capture enables checks to be scanned and deposited through self-service machines, with images securely processed for clearing and settlement. For financial institutions, it reduces manual processing and supports faster, more accurate deposits. CheckAlt supports ATM check image capture to streamline deposit workflows and improve efficiency.
Audit Trail
Summary: An audit trail is a record of transactions and activities that supports security and compliance.
An audit trail is a secure, chronological record of transactions and system actions. In financial services, audit trails support compliance, fraud prevention, and transparency. CheckAlt delivers clear audit trails across its receivables platform, reinforcing transparency and strong risk management practices.
Authentication
Summary: Authentication verifies a user's identity or the validity of a transaction.
Authentication verifies a user’s identity before granting access to systems or transactions. In financial services, it is essential for preventing unauthorized access, protecting sensitive data, and reducing fraud. CheckAlt supports secure authentication across its receivables platform to safeguard client and customer information.
Automated Clearing House (ACH) Payments
Summary: ACH payments are electronic transfers between bank accounts through the Automated Clearing House network.
ACH payments are electronic transfers processed through the Automated Clearing House network. They support payroll, consumer bill pay, and B2B transactions at lower cost than checks or cards. It is one of the most cost-effective payment rails available today. CheckAlt enables ACH acceptance as part of its Online Payments platform.
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Biller Networks
Summary: Biller networks connect financial institutions and billers, enabling payments to flow digitally instead of reverting to paper checks.
Biller networks connect FIs with businesses so customers can pay bills digitally through online banking. If a business isn’t enrolled in the biller network, the financial institution often converts those “online” payments into paper checks and mails them. CheckAlt helps keep these payments digital by managing both the biller network enrollment and the payment processing.
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Cash Flow Management
Summary: Cash flow management is the process of monitoring and optimizing money moving in and out of a business.
Cash flow management tracks money moving into and out of a business to maintain liquidity, meet obligations, and plan for growth. For banks and businesses, automation reduces risks tied to delayed deposits or misapplied payments. CheckAlt’s receivables solutions improve cash flow by accelerating deposits and reconciliation.
Check Fraud
Summary: Check fraud is the theft, alteration, or counterfeiting of paper checks to steal funds.
Check fraud occurs when criminals alter, forge, or intercept paper checks for illegal gain. With fraud schemes rising, businesses face increased risk when relying on checks. CheckAlt helps mitigate fraud by digitizing payments and embedding risk controls into solutions like our electronic lockbox and remote deposit capture. These controls strengthen overall risk management strategies for financial institutions.
Check Processor
Summary: A check processor securely captures, clears, and settles paper check payments through the banking system.
A check processor handles the capture, encoding, and transmission of check images for clearing and settlement. Even with rising digital adoption, checks remain widely used in B2B payments. Efficient processing reduces fraud risk and cash flow delays. CheckAlt has processed checks for over 15 years.
Credit and Debit Card Payments
Summary: Card payments allow customers to pay digitally with debit or credit cards.
Card transactions are authorized and settled through card networks. They provide faster collections and added flexibility for businesses and customers. CheckAlt integrates debit and credit card acceptance into its Online Payments solution.
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Digital-First Payments
Summary: Digital-first payments prioritize electronic transactions over paper checks.
This approach encourages businesses and consumers to adopt online or card-based payments. It helps reduce fraud risk, accelerates settlement, and aligns with customer expectations. CheckAlt helps financial institutions and businesses move to digital-first receivables strategies.
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Electronic Lockbox (eLockbox)
Summary: eLockbox keeps online bill payments electronic, avoiding conversion into paper checks.
eLockbox captures bill payments made via online banking or biller sites, ensuring they remain digital instead of being printed and mailed as checks. This helps reduce fraud, improves posting speed, and lowers costs. CheckAlt's electronic lockbox solution helps financial institutions and billers preserve digital payments end-to-end.
Exception Management
Summary: Exception management identifies and resolves problem payments before they disrupt receivables.
Exceptions arise when payments cannot be automatically posted due to errors or missing data. Resolving exceptions early reduces delays, costs, and customer friction. CheckAlt enables real-time exception management. Exception handling plays a key role in receivables risk management.
Explanation of Benefits (EOB) Digitization
Summary: EOB digitization converts Explanation of Benefits documents into usable electronic data.
EOB digitization extracts and matches data from paper remittances to automate posting. It streamlines revenue cycle management and reduces manual errors in healthcare payments. CheckAlt's Healthcare Lockbox digitizes EOBs and integrates them with 835 files for faster reconciliation.
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Generative Artificial Intelligence (Generative AI)
Summary: Generative AI creates new text, insights, or outputs based on training data.
In payments, generative AI can draft reports, summarize exceptions, and automate client communications. It drives productivity and reduces manual work for treasury and receivables teams. CheckAlt uses generative AI to enhance its Genie Help Assistant's capabilities.
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Healthcare Lockbox
Summary: A healthcare lockbox processes patient and insurance payments with remittance data integration.
Healthcare lockbox solutions combine check capture with EOB and 835 file integration, streamlining reconciliation for providers. It helps healthcare organizations automate cash posting and reduce errors. CheckAlt's healthcare lockbox services improve efficiency and revenue cycle management.
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Integrated Receivables
Summary: Integrated receivables unify multiple payment types into one platform for easier management.
Integrated receivables solutions bring together checks, ACH, cards, and online payments in one dashboard. They reduce silos, eliminate duplicate work, and give businesses complete visibility. CheckAlt's integrated receivables platform simplifies management with single sign-on and unified reporting.
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Large Language Models (LLM)
Summary: An LLM is a type of AI trained on massive datasets to understand and generate language.
LLMs enable advanced natural language interactions and decision support. They power the most sophisticated AI assistants in financial services. CheckAlt's Genie is built on LLM technology to analyze and respond to receivables queries.
Lockbox Processing
Summary: Lockbox processing collects, processes, and deposits payments sent to a secure P.O. Box, accelerating receivables.
Lockbox services route customer payments to a designated P.O. Box, where checks are captured, deposited, and reported. This reduces manual work, accelerates cash flow, and mitigates theft risk. CheckAlt provides both traditional and electronic lockbox services, simplifying receivables for businesses and financial institutions.
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Mobile Deposit Capture (MDC)
Summary: Mobile deposit capture enables businesses to deposit checks by taking a picture with their smartphone.
For businesses, mobile deposit capture allows check payments to be deposited remotely using a smartphone or tablet. Users take a picture of a check to initiate the deposit, and the image and data are authenticated and securely transmitted for settlement. CheckAlt enables this capability through its FinCapture RDC API, which integrates into a financial institution’s or fintech’s existing mobile app.
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Natural Language Processing (NLP)
Summary: NLP is a branch of AI that enables systems to understand and respond to human language.
Natural language processing (NLP) is a branch of AI that enables computers to understand and respond to human language. In financial services, NLP powers applications like chatbots and assistants that let users interact naturally with complex systems. CheckAlt applies NLP in Genie, its AI Help Assistant, to enable self-service support, guide receivables teams through workflows, and reduce reliance on manual training.
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Online Banking Bill Pay
Summary: Online banking bill pay lets customers schedule payments through their financial institution's portal.
Online banking bill pay allows individuals to use their FI's online portal to send payments to billers. Without a connection to a biller network, these payments are often converted into paper checks and mailed, which slows processing and increases fraud risk. CheckAlt helps keep these transactions digital through its electronic lockbox solution, which connects billers to key biller networks, so payments remain digital, as intended.
Online Bill Payments
Summary: Online bill payments let customers pay invoices through a financial institution's or biller's website.
Online bill payment enables customers to pay digitally through bank or biller platforms using ACH, debit card, or credit card. It provides convenience for customers and accelerates cash posting for businesses. CheckAlt enables secure online bill payments with flexible options for businesses and financial institutions. (Note: Loan payments cannot be made by credit card.)
Operational Efficiency
Summary: Operational efficiency is the ability to maximize output while minimizing cost and effort.
In payments, efficiency comes from reducing manual processes and errors. It allows teams to do more with less in today's resource-constrained environment. CheckAlt's solutions streamline receivables to help clients achieve operational efficiency.
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Payment Modernization
Summary: Payment modernization upgrades outdated payment processes with digital alternatives.
Modernized receivables improve speed, efficiency, and fraud protection. It positions financial institutions and businesses for the future of payments. CheckAlt supports modernization by consolidating paper and digital receivables into one platform.
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Receivables Management
Summary: Receivables management is the process of collecting and reconciling payments owed to a business.
Receivables management is the process of capturing, processing, and applying customer payments across channels such as checks, ACH, and cards. Effective receivables management improves cash flow, reduces risk, and streamlines operations. CheckAlt supports this by consolidating payments into a single integrated platform for simpler, more efficient management.
Reconciliation (Cash Application)
Summary: Reconciliation, or cash application, matches incoming payments with invoices or accounts.
It ensures payments are applied correctly to the right account. Automated reconciliation improves efficiency, accuracy, and customer experience. CheckAlt streamlines reconciliation with integrated data and remittance matching.
Remote Deposit Capture (RDC)
Summary: RDC lets businesses scan and deposit checks electronically without visiting a branch.
Remote Deposit Capture saves time, reduces courier costs, and speeds funds availability. It provides flexibility for businesses to capture checks in-office, at branches, or in the field. CheckAlt supports mobile RDC through its FinCapture API, desktop scanning through FinCapture Desktop, and ATM deposit capture.
Remote Lockbox
Summary: Remote lockbox lets businesses capture checks and remittance data on-site while still leveraging lockbox workflows.
Remote lockbox brings lockbox functionality on-site, enabling same-day check and remittance capture through a secure, hosted platform. It enables faster posting while maintaining centralized reporting and oversight. CheckAlt's FinCapture Desktop combines on-site convenience with lockbox-level security and hosted reporting.
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Straight-Through Processing (STP)
Summary: STP is the automated processing of payments without manual intervention.
Straight-through processing improves speed, reduces errors, and lowers costs. It eliminates costly manual touchpoints in receivables workflows. CheckAlt embeds STP principles in receivables automation, enabling faster cash application.
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Treasury Management
Summary: Treasury management services help businesses manage cash, payments, and risk.
Treasury management includes overseeing receivables, payables, cash flow, and liquidity. Strong treasury practices improve financial control, reduce costs, and mitigate risks. CheckAlt supports financial institutions by modernizing receivables and enabling treasury teams to handle payments more efficiently.
Treasury Modernization
Summary: Treasury modernization focuses on upgrading receivables and payments systems.
Modernization helps financial institutions and corporates reduce reliance on paper, manual workflows, and outdated systems. It positions institutions to compete by offering integrated receivables and faster payments. CheckAlt drives treasury modernization by consolidating receivables workflows into one digital-first platform.