We are delighted by the feedback we’ve received thus far on last week’s announcement about Scrypt, a new endeavor leveraging AI and machine learning to provide an intelligent invoice coding solution. Our Product Team continues to innovate across all of our products, from check processing to card APIs to our online bill pay solution Catch!, and we will have more product innovation announcements to share in the coming weeks.
Mail-in voting has been a top focus of ours as we monitor the actions of the USPS, results of its reorganization, and impacts to our business. While we remain positive about the head of USPS stating that the organization is prepared to handle an influx of more vote-by-mail ballots, we are cautiously optimistic and as such are working closely with our USPS contacts to understand how mail will be prioritized and delivered as mail volumes increase during this election cycle. We will continue to keep you up to date on the latest news from USPS.
As you may have seen on LinkedIn, earlier today I expressed my empathy for the employees at USPS and those who are thinking their online bill payments are actually online. Read the post here.
One of our channel partners reached out to us and asked that I present our strategy and response to the pandemic to a rather large group of product managers focused on receivables. In addition to sharing how CheckAlt is positioned as the house of payments, I had the opportunity to express our dedication to the health and safety of our employees and our business commitments to our clients through the challenges presented over the past six-plus months. There was a thoughtful Q&A portion as well, and I always enjoy engaging further on questions and feedback.
If you would like to arrange a time for me to speak with members of your team on these topics, feel free to reach out to me, Michelle Miklosey, or your relationship manager to coordinate.
Stay healthy and safe!
CheckAlt achieved an important milestone this week in our trajectory as a universal payments hub for our clients with the launch of Scrypt, an intelligent invoice coding solution that utilizes machine learning and automation to add and manage invoice payments within your enterprise resource planning software.
Scrypt is CheckAlt’s first endeavor into the payables component of treasury management, enabling you to provide intelligent machine-learning technology for invoice scanning to your corporate customers. Whether your customers receive invoices digitally or in the mail, Scrypt can help your corporate customers implement payables automation at a time when they need it most. Scrypt easily integrates with your existing ERP systems, such as property management software Yardi’s Voyager platform, and will automatically identify and match an invoice to the appropriate payment account. Please reach out to your relationship manager for more information about this exciting new solution.
As we continue to monitor the USPS reorganization and heightened concerns about mail delays, our conversations with USPS business representatives remain positive and focused on solutions. At CheckAlt, we have seen some payments that are over a month old coming into our processing centers and are actively enhancing our mail sort processes in response to the systemic USPS changes. It is always our goal to operate efficiently and provide the level of service you have come to expect from CheckAlt.
An article published this week by the Wall Street Journal reminds us of the importance of kindness for our health and success in life. The author, Elizabeth Bernstein, provides 11 tips for being a kinder person a few of which deeply resonated with me and I found worth sharing with our entire team on this morning’s company call as well as with you now:
• Remember your loved ones. Be kind to the people you live with, not just with strangers.
• Be kind to yourself. Being cruel to yourself can lead to burnout.
• Recognize others’ kindness. Thank them by elevating their kindness upward and outward.
We continue to operate at full capacity at each of our sites, sanitizing workstations and reinforcing CDC public health guidelines with all employees. If you plan on venturing out to the beach this weekend, please remember to follow guidelines, watch for sharks in the water, and wear a life jacket.
Stay healthy and safe!
Today is an important milestone in CheckAlt’s trajectory as a universal payments hub for our clients as we unveil Scrypt, our new, intelligent invoice coding solution that utilizes machine learning and automation to add and manage invoice payments within your enterprise resource planning software.
I have some very exciting news to share—we are preparing an announcement for Monday about an incredible new partnership and product offering that aligns with CheckAlt’s focus on automation and innovation. I can’t say more at this time, so please stay tuned for an update from us on Monday.
As the eternal optimist, I always look for positivity and am inspired by the creative solutions businesses are coming up with to overcome challenges. This week I was delighted to learn that professional sporting leagues including the MLB and NBA have found a way to safely resume games. We at CheckAlt continue to operate at full capacity and are noticing a shift in perspective regarding payment processing solutions. Read our LinkedIn post here.
I read a great story today about two longtime friends who made a pact in 1992 that if either of them won the lottery, they would split the winnings. Tom Cook and Joe Feeney agreed to buy lottery tickets every week. Nearly 30 years later, Cook discovered he had won $22 million. He immediately told his friend, Feeney, that they had won, as they had promised to honor each other’s word and that “a handshake is a handshake.”
This week CheckAlt unveiled its partnership with credit union services organization Tru Treasury—an alliance that will support credit unions in expanding services and attracting more corporate members. I am delighted to have the strength of our credit union team collaborate with Tru Treasury and help level the playing field for credit unions, making their services more attractive to commercial, public, and non-profit membership. The announcement was picked up by PYMNTS, which you can read here.
In a blog post we published this week, Rob Snyder expressed the value of our partnership with RMS to healthcare providers across the U.S., specifically exploring how automation of healthcare provider claims has the potential to create $9.9 billion in annual savings for the industry. The potential impact of our solutions on longstanding challenges in not only the healthcare industry but across various industry verticals is significant by design.
Each day we remain steadfast toward our strategy and focus on checks, Catch! (online bill pay), and cards, which has allowed CheckAlt to serve as the house of payments for hundreds of banks, credit unions, and businesses seeking to accelerate cash flow and streamline reconciliation.
CheckAlt continues to operate at full capacity and work through external challenges including coordination around postal delays. As I shared earlier this week on LinkedIn, our clients benefit from CheckAlt working directly with USPS to resolve issues and keep payments flowing. Moreover, CheckAlt has been seeing an uptick in clients choosing solutions that help transition traditionally paper payments to electronic, circumventing postal delivery altogether. This is very exciting, and I am eternally grateful for the results of CheckAlt's commitment to our strategy.
Stay healthy and safe!
CheckAlt is pleased to announce its partnership with credit union service organization Tru Treasury to assist credit unions with their paper and electronic payment processing needs for attracting and retaining corporate members.
During a call yesterday, I was asked why we chose the name “CheckAlt” for our company. While initially our primary focus was on the processing of paper checks, we soon realized from working with clients like you that we also needed to address all of the alternative forms of payment, such as ACH, cards, and online bill pay checks. Hence the “Alt” in CheckAlt. In the past 10 years, CheckAlt has become the house of payments—from the check to the alt—and we are grateful to provide payment processing solutions for your varying needs.
The opportunities and challenges presented in first half of 2020 resulted in an incredible amount of growth for our organization. Amidst the public health concerns and social unrest, CheckAlt has stayed the course and become the payments “house” by designing, developing, and providing modern check, online bill pay, and card payment processing solutions for you.
I hope you all had a wonderful week. As you may know, on Tuesday I had the great honor of celebrating the union of my son Zvi to his wonderful bride Kayla. The event was a beautiful reminder of the power of human connection and the value of creating a memorable, pleasant experience. Life is about experience, and I will cherish the memories of that day for the rest of my life.
I am delighted to share more positive news with you this week. First, we are proud to announce our partnership with RMS, the leading provider of healthcare remittance management services, to create a joint solution for our healthcare clients to augment our lockbox services nationwide. Read the press release here.
CheckAlt, which processes more than 500,000 patient payments and 250,000 explanation of benefits (EOB) payments per month for healthcare lockbox clients, recently partnered with RMS to accelerate the revenue cycle and improve cash flow for healthcare clients.
CheckAlt has expanded its partnership with Pawtucket Credit Union to provide lockbox processing services for its corporate membership.