CheckAlt, a Check 21 Application Company Announces New Payments Reporting and Consolidation Solution

Oct 07, 2013, 17:19 ET from CheckAlt

LOS ANGELES, Oct. 7, 2013 /PRNewswire/ -- CheckAlt, a Check 21 application company, announced today a new payments solution designed for credit unions and community banks called CheckAlt Batch.  The solution addresses the challenges many banks and financial services firms face when processing Check 21 files from multiple origination points such as ATMs, mobile, branch, merchant, and teller transactions. 

CheckAlt Batch consolidates and reconciles all Check 21 items through one central reporting service for unified delivery to the bank's corporate processor or the Federal Reserve (FRB.)  The solutions also auto detects any duplication across multiple origination points for improved accuracy, security and fraud prevention, and overall reporting. CheckAlt Batch enables what's essentially a 'single source of truth' for all the bank's Check 21 files across delivery channels.

The solution has already proven to be a valuable tool for financial institutions, including Reach (formerly Tyco) Federal Credit Union in Menlo Park, CA and Fuquay-Varina, NC. Says CEO Christine Petro, "We have been a CheckAlt customer for years, and were looking to solve the problem of having to capture and reconcile so many different payment files across multiple end points, so we asked Shai from CheckAlt for help. We've been using their Batch solution for more than a year now and couldn't be more satisfied."

The banking industry has changed in the digital and mobile age, with customers demanding from their financial institutions the ability to bank anytime, anywhere, and on any device. CheckAlt Batch helps banks better deliver on these demands by improving the way they capture and process payment data from multiple sources.  "CheckAlt has always been committed to finding new ways to improve how community banks and credit unions process checks.  Taking a consolidated approach to capturing all Check 21 files across end points we feel will soon become an industry best practice," Shai Stern, CEO CheckAlt.

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About CheckAlt
CheckAlt is a Check 21 application company providing Remote Deposit Capture (RDC), eCheck services, and mobile payments. CheckAlt's clients include banks, credit unions, check cashers and MSBs (money service businesses), insurance companies, municipalities, utilities, and small and medium-sized enterprises.

CheckAlt delivers x9.37/ICL files to 200 + financial institutions daily and possesses the most robust integration tools in the industry. CheckAlt is the fastest way to move money with data.