Five out of the 27 wholesale credit unions operating in the United States have been seized by regulators in the past 18 months. Fortunately, the leading Check 21service, CheckAlt Payment Solutions is perfectly positioned to assist and service credit unions during these turbulent times. Its state-of-the-art, patent-issued technology can act as credit unions’ sole Check 21 provider for those looking to stand clear of corporate services.
Despite recent changes made to the validation of check images and data by the Federal Reserve, CheckAlt Payment Solutions’ expertly designed software never missed a beat. Serving as a direct line to the Federal Reserve, CheckAlt Payment Solutions remains up-to-date so institutions can rest easy knowing they are saving time and money. Funds are posted in as little as 12 hours, while ensuring the absolute lowest processing fees. Offering an efficient and secure means to banking, CheckAlt Payment Solutions understands that during the current economic slump, every cent counts.
“Our credit union began looking for an alternative to our branch capture service and found CheckAlt Payment Solutions as the best value,” says Right Choice CU’s Vice President of Branch Operations Mike McWethy, former corporate member and current CheckAlt Payment Solutions client. “Moving away from our corporate was first thought to be difficult but with CheckAlt’s help, it turned out to be a smooth transition and our monthly check handling expenses have now been reduced. CheckAlt handled our changes quickly and were a huge help in walking us through new processes.”
Financial institutions may eliminate check transport and experience the cost-advantage of choosing CheckAlt Payment Solutions as their Check 21 provider. Even credit unions currently using corporate services can seamlessly integrate CheckAlt Payment Solutions to work directly with their existing core systems. Significant benefits afforded by implementing CheckAlt’s in-house system include faster cash flow, more flexibility, greater scanning accuracy, online reporting, archiving capabilities, lower costs, simplified returns and much more.
“Coverage detailing the many hurdles being faced by credit unions’ in the new economy can be found all over the news,” says Shai Stern, co-chairman of CheckAlt Payment Solutions. “It is comforting to know that a company such as CheckAlt Payment Solutions can provide these institutions with the support needed to ensure they are achieving their payment processing by the most efficient means possible.”
CheckAlt Payment Solutions can work with the Federal Reserve directly to ensure credit unions are receiving the lowest costs and highest security, prescribing the financial health needed to keep credit unions intact. Credit unions using CheckAlt Payment Services as their RDC solution simply makes cents.
For media inquiries and/or to arrange an interview, please contact Tyler Barnett at 323.937.1951 or [email protected]