CheckAlt is pleased to announce the release of LoanPay 3.1, which provides more opportunities for financial institutions to strengthen valuable customer relationships by tailoring their loan customers’ online experience. This version is now available to all new and existing LoanPay clients, and exemplifies our proactive approach to provide cutting-edge technology that benefits both financial institutions and their customers.
LoanPay is a private-label solution that enables financial institution customers to make loan payments quickly and easily using any payment method from multiple payment channels. There are several new features in this new version of LoanPay, including the ability for financial institutions to enable more payment options, house multiple loan records under one account, further secure user data, and create custom messaging to better communicate with their customers.
“CheckAlt is driven to deliver the best services imaginable to our clients,” said Shai Stern, Chairman and CEO of CheckAlt. “Our product team has taken our financial institution clients’ feedback and turned it into incredibly useful and intentional features that reinforce our loan payment processing platform LoanPay as the best in its class.”
CheckAlt worked closely with The Upstate National Bank on one of the key new features of LoanPay 3.1—householding accounts. Householding accounts are an effective solution for families, couples, wealth managers, accountants, and business owners who need to manage multiple loans from one place with one login. This new feature allows financial institutions to pull multiple loan records into a single user I.D, making it easier to check the status of and make payments for several loans at once.
After getting one-fifth of its loan customers to switch from paper to electronic payments in just eight months using LoanPay, The Upstate National Bank expects to easily convert another 10 percent or more of its customers’ loan payments to digital with the addition of householding accounts.
Other key new features and enhancements as part of the LoanPay 3.1 release include:
Principal- and Interest-Only Payments
Savvy loan customers are looking to pay more of their principal to help reduce the interest and loan term. This enhancement allows financial institutions to accept a principal- or interest-only payment for specific loans, in addition to regular payments. Financial institutions can set transaction codes for each type of loan to streamline the application of each payment to their general ledger.
Password Strength Meter
Our new password strength meter protects users by further encouraging the creation of strong passwords. Users are now notified whether or not their account password meets their financial institution’s password strength requirements when passwords are initially set up and if subsequently, if passwords are ever changed.
Loan Payoff Messaging
Loan payoff messaging improves communication between financial institutions and their customers at the culmination of a loan. Financial institutions can customize a new loan payoff amount pop-up message that alerts users when a payment is made equal to or greater than the outstanding loan balance.
CheckAlt’s LoanPay helps financial institutions streamline loan payment processing and empowers their growing, diverse loan customer base with flexible payment options. Click here to learn how CheckAlt’s LoanPay can benefit your financial institution.