CheckAlt News

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!
Shai Stern

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.

I hope you are well. CheckAlt continues to operate at full capacity in our hybrid mode with employees working in-house and remotely.

CheckAlt is proud to support credit unions like Yolo Federal Credit Union as they shift toward digital payment tools that enhance member experience.

CheckAlt’s continued strength during these unprecedented times is reflected in the growing number of opportunities to serve our existing and new clients. We are grateful to serve you.

In these times when it seems no one is certain of anything, Jerry Stiller’s one message to all of us would be: SERENITY NOW!

I hope you all had a great week. This Sunday is Mother’s Day, and I am proud to celebrate the amazing mothers in my family and the many amazing mothers on our CheckAlt team.

As many of us anticipated, new data is showing a spike in remote deposit capture technology usage as financial institutions and businesses operate in a partially or fully virtual way. If you or your customers need assistance processing mail, CheckAlt is here to help as your primary or secondary resource.

We are observing the impacts of systemic USPS mail delivery delays across our nationwide processing network due to USPS staffing shortages. CheckAlt is also seeing USPS mail volumes come in lighter on normally the heaviest days of the week/month (e.g. first Monday of the month), yet come in heavier on other days (e.g. Wednesdays when mail is usually much lighter). This is in addition to the USPS extension of package service delivery commitments we shared with you on April 17.

I want to reiterate that our team is 100% engaged on processing all work as it comes in. Though USPS response times have slowed due to these systemic delays, we are constantly communicating with our post office contacts and are aware of their efforts to secure additional staffing in areas of heavy USPS call outs.

During Berkshire Hathaway’s annual shareholder meeting, chairman and CEO Warren Buffet said the following: “Fear is the most contagious disease you can imagine. It makes the virus look like a piker.” (A piker is “one who gambles or speculates with small amounts of money.”) We must not let fear derail our focus. I am pleased to report that CheckAlt’s staffing levels have returned to normal as we continue to operate in our hybrid mode of team members social distancing at all of our sites across the U.S. while others work remotely.

Stay healthy and safe, have a great weekend, and happy Mother’s Day!

Shai Stern

I want to start off this week’s update with an uplifting story. We are incredibly proud of our CIO Ram Bajaj for generously giving his time to help lead a food drive in the Los Angeles area, providing bags of groceries to families in need during this challenging time.

This is the first of our now weekly updates to clients during these unprecedented times. I am pleased to share the continued success of CheckAlt’s hybrid approach, which involves those who can work remotely doing so and those needed to assist with processing coming into the office valiantly. Our daily sanitization efforts continue, as well as providing cleaning supplies and masks at our facilities.