SUNNYVALE, Calif., Nov. 8, 2017 /PRNewswire/ -- Checkbook.io, a Silicon Valley technology startup, is disrupting the way businesses and consumers send and receive payments. Sophisticated entities are disbanding their paper check systems in favor of a more innovative, elegant, and efficient solution.
For instance, class action payments are typically handled by settlement administration companies, which have traditionally sent millions of paper checks to recipients, incurring the significant time and costs associated with printing and mailing. Not anymore.
With Checkbook's Blockchain-enabled, end-to-end Digital Checking solution, leading check sending companies can send hundreds of thousands of checks almost instantaneously; all while being able to monitor in real-time receipt of payment via Checkbook.io's dashboard.
Payees receive an email with their Digital Check in a matter of seconds. They can then deposit their Digital Check online via a simple click of a button and instant bank verification. No registration or sign-up necessary, no redirect to another site and no app to download. It's simple, easy, fast and best of all, the check sending company does not need to store any bank account information. The user experience is transformative - once the recipient/Payee has elected to Deposit the Check online, all subsequent Checks are automatically deposited directly to their bank account.
It is because of these factors that industry leader Angeion Group turned to Checkbook for its distribution needs. The company, to-date, has sent thousands of Digital Checks with Checkbook and is looking to continue to grow its relationship with the Silicon Valley innovator. "We partnered with Checkbook as of April of this year. I'm pleased to say that with the Checkbook platform, the transition to Digital Checks has been easy, painless and fast," says Steve Weisbrot, Chief Innovation Officer at Angeion. "I simply can't imagine why any company in the business of sending hundreds of checks a month or more would not utilize this technology."
Checkbook.io, for its part, intends to fundamentally alter the paper Checks landscape. "For too long, settlements administrators, insurance companies and large accounting firms have been beholden to paper checks because no other option was available for efficient disbursements", says PJ Gupta, Checkbook founder and former Visa payments executive. "We enable these organizations to fully comply with regulations while providing a real-time payments solution at a fraction of the time and cost necessary."
And the response has been overwhelming. "I received an email telling me I received a digital check as payment for a class action suit. I proceeded with the steps explained and found it very easy to deposit the check in my local bank," says Linda M. Smith, one of the class action recipients from Leland, North Carolina. "This is a fantastic and easy-to-use service, for both sending and receiving," adds Imran Najmi, another pleased user. "I can't see why anyone would need paper checks again."
With Checkbook, it looks like the class action industry, and corporate America, is set to revamp its image, one digital check at a time.
Class Action Settlement - Key Facts:
Digital Checks disbursed to-date: hundreds of thousands and growing
Percentage requesting Paper Checks mailed: <1%
Paper saved: $3000 or 100 reams
Joe Neil Zelaya