CheckAlt enhances its loan payment processing solution LoanPay by solving the challenges credit unions have with core connectivity and onboarding.
LOS ANGELES (PRWEB) AUGUST 27, 2020
CheckAlt, the largest independent provider of treasury management and item processing in the U.S., is delighted to partner with NXTsoft’s secure connectivity solution, OmniConnect to improve product onboarding processes and facilitate real-time connections between CheckAlt, core providers, and credit unions and banks for its loan payment processing solution LoanPay. This comes at a pivotal moment in NXTsoft’s growth with its launch of a fintech-focused open banking OmniConnect Marketplace where vendors can easily select fintech API integrations from major industry players including CheckAlt.
“The onboarding process for CheckAlt’s loan payment processing solution, LoanPay, requires establishing secure connections between the financial institution, its core provider, and CheckAlt,” explained CheckAlt’s Chief Product and Innovation Officer Bobby Rahmanian. “By partnering with NXTsoft, we can streamline LoanPay onboarding by creating real-time integrations that resolve payment friction. Even more importantly, this integration also provides real-time access to consumers. This integration reaffirms CheckAlt’s commitment to the real-time expectations of consumers for access to their financial data and the streamlined processes they expect from their credit unions and banks.”
Real-time core connections ensure faster delivery of payments and can help credit unions avoid applying unnecessary late fees to members, which often result in many hours spent on calls to reverse the unnecessary fees. Through this partnership, CheckAlt and NXTsoft further enable credit unions to provide an excellent experience for their members while minimizing manual processes.
“We are delighted to partner with CheckAlt to help them further their goals of removing payment friction and enhance the overall customer experience,” said Rich Longo, President of NXTsoft’s Omni Platform. “With the NXTsoft OmniConnect Marketplace, we are set to reshape the way financial institutions engage with digital banking technology providers to deliver on the growing demand for contactless and real-time payment solutions.”
In the past 10 years, CheckAlt has become the universal payment processing hub for hundreds of financial institutions across the country. As both bank agnostic and demographic agnostic, CheckAlt is uniquely positioned for payments convergence. It has been our focus to process check payments while also eliminating paper from the system with robust electronic payment APIs. CheckAlt’s solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. CheckAlt is headquartered in Los Angeles, Calif. For more information, visit https://www.CheckAlt.com.
NXTsoft is a secure data solutions software platform that helps businesses secure, connect, and optimize their data to maximize revenue opportunities, enhance profitability, and mitigate cybersecurity risk. For more information visit http://www.nxtsoft.com or call 1-800-915-3381.