LAS VEGAS, Oct. 8, 2013 /PRNewswire/ -- CU Wallet, a collaborative credit union owned and directed mobile wallet provider, announced during the MONEY2020 Emerging Payments & Financial Services event, it is partnering with technology providers DoubleBeam and CheckAlt, to integrate mobile payments and eCheck image cash letter payment processing functionalities into its credit union-centric mobile wallet application.
CU Wallet launched its credit union driven mobile wallet initiative in September. The company is partnering with other innovative, proven mobile technology providers to integrate best-of-breed applications into one credit union branded mobile wallet. CU Wallet is integrating DoubleBeam's mobile payments software development kit (SDK), giving credit unions the ability to easily onboard members by simply taking a picture of a blank check and photo ID, and CheckAlt's mobile payment processing solution, providing credit unions end to end mobile payment processing.
"We are strategically partnering with leaders in the credit union and mobile technology space," said Paul Fiore, co-founder and CEO of CU Wallet. "DoubleBeam clearly shares our desire to focus on the end-user member and has designed their on-boarding process to be simple, yet secure for members activating the payments functionality of the mobile wallet for the first time. We understand the success of CU Wallet ultimately depends on member satisfaction, and the user's overall experience."
Fiore continued, "Like CU Wallet, CheckAlt is committed to ensuring the future of the credit union movement. ChekAlt is a proven technology leader in the credit union space and a natural partner. By leveraging CheckAlt's end-to-end mobile payment processing application, credit unions using CU Wallet can be confident they are processing transactions in an efficient and timely manner."
Ted Tekippe, CEO of DoubleBeam said, "Mobile-based eChecking is dramatically cheaper than debit and credit cards. Those savings coupled with simple, yet secure member on-boarding offer credit unions, members and retailers a mobile solution where everyone wins."
Currently 15 credit unions, ranging from $400 million to more than $5 billion in assets, representing more than 2 million members nationwide, have signed agreements with CU Wallet.
"We are excited to bring our Check 21 application software to credit unions via CU Wallet," said Shai Stern, co-chairman and CEO of CheckAlt. "Consumer conversions depend heavily upon a fast, efficient deployment model. That's what CheckAlt will provide for CU Wallet."
About CU Wallet
Headquartered in Los Angeles, CU Wallet is the industry's first credit union centric mobile payments initiative. Founded in 2013 by seasoned financial services entrepreneurs, Paul Fiore and Kirk Drake, CU Wallet combines innovative technology and an entrepreneurial spirit with direct credit union ownership, resulting in a highly differentiated mobile payments infrastructure designed for credit unions, by credit unions. The CU Wallet platform helps overcome major industry hurdles to mobile payments adoption, allowing credit unions to better serve current account holders, attract a new generation of tech-dependent members and better compete amongst increased competitive pressure from non-bank mobile payment ventures. For more information about the launch of CU Wallet and the company's mobile payments platform, visit: www.cuwallet.com.
DoubleBeam provides white-labeled mobile payments technology solutions designed to easily integrate into any existing mobile application or digital wallet. DoubleBeam's technology solutions have been deployed by mobile commerce providers, retailers and point-of-sale (POS) vendors, delivering an enhanced end-user experience, driving out costs by virtually eliminating transaction fees, and leveraging captured data to deliver more targeted, relevant offers and rewards/loyalty programs. DoubleBeam is located in Pasadena, California. Visit www.doublebeam.com for more information.
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 250 + financial institutions daily and possesses the most robust integration tools in the industry. CheckAlt is the fastest way to move money with data.