August 2, 2018—Manasquan Bank, a $1.3 billion community bank headquartered in Wall Township, N.J., announced a strategic alliance with CheckAlt, an independent provider of lockbox solutions in the U.S. Manasquan Bank will initially leverage CheckAlt’s unique lockbox offering, KlikRemit—a nationwide, 14-site hub-and-spoke model offering a highly portable, flexible, and scalable approach to retail, wholesale, and wholetail lockbox processing.
The bank’s business customers will now have access to the numerous benefits that CheckAlt's flexible, nationwide lockbox solution has to offer:
✓ Improved cash flow by reducing the time between the payment receipt and deposit
✓ Reduced operating and administrative costs associated with processing check payments
✓ Ability to re-deploy head count to more strategic and higher value-add areas of the business
✓ Reduced capital investment in costly in-house processing systems
✓ Allows for a more efficient and automated reconciliation process
✓ Facilitates the expansion of business’ footprint through nationwide hub that accelerates receipt of customer payment regardless of customer location
“After using their services for internal loan payments, it has become clear that CheckAlt was the provider that we wanted to align with to roll out lockbox services to our valued business customers,” said Kathie Adams, Senior Vice President at Manasquan Bank. “We are always looking to improve the tools and technology solutions we deliver to our customers and integrated receivables play a large part in our holistic approach to serving their cash management needs.”
“CheckAlt is thrilled to have been selected by Manasquan Bank to be their lockbox provider and we look forward to a positive growing relationship for years to come,” said Tracy Freeman, Senior Relationship Manager at CheckAlt. “Our payment processing capabilities and expertise provides Manasquan Bank with a custom lockbox experience and access to the latest technology updates that will greatly benefit the bank and its customers.”
Contact us here to learn how CheckAlt can serve your financial institution or business.
CheckAlt is the largest independent provider of lockbox and treasury solutions in the country. CheckAlt’s solutions include lockbox processing across 14 locations nationwide, consolidated item processing, omnichannel integrated treasury solutions and mobile capture services. CheckAlt’s client base includes 600+ financial institutions. CheckAlt is headquartered in Los Angeles, Calif. For more information, visit http://www.checkalt.com.