CheckAlt, an integrated receivables and payment processing solutions provider, has announced a new partnership with LoanPro. LoanPro and CheckAlt Team Up To Expand Payment Processing Capabilities For LoanPro Customers The partnership will help lenders manage inbound payments across several channels. These channels include paying bills by paper check and via online banking. This way lenders can enhance payment processing and reconciliation workflows.
LoanPro provides a modern lending and credit platform for financial organizations. CheckAlt offers integrated receivables and payment processing solutions. The companies are working together to tackle the payment challenges of today’s lending operations.
“By partnering with CheckAlt, we’re giving customers a streamlined way to improve operational efficiency while enhancing the overall borrower and back-office experience,” said Charles Sweeney, CRO & COO at LoanPro.
A lot of lenders have already upgraded their loan servicing platforms. But check payments remain operational challenges for lending organizations. Paper checks you create using the bill pay feature of online banking may require manual processing. These payment workflows might also generate reconciliation work. Therefore, lenders may spend valuable time manually managing inbound payment activity. CheckAlt and LoanPro’s partnership is focused on streamlining these processes.
The companies will collaborate to help LoanPro customers streamline check payment workflows. They will also help lenders eliminate manual processing across payment operations. The solution also can allow for faster payment posting, and better visibility.
Lender Payment Operations Modernization
The partnership is intended to meet the growing need for efficient payment processing in the lending industry. Today’s lenders are more and more leveraging technology to enhance their servicing operations. Payment workflows, however, can remain fragmented across legacy channels.
CheckAlt and LoanPro are working to close that operational gap. Their collaboration connects modern loan servicing with enhanced receivables capabilities. Consequently, lenders can manage payment activity more efficiently.
“LoanPro customers have been looking for a better way to manage check payments without disrupting their existing servicing environment. By partnering with CheckAlt, we’re giving customers a streamlined way to improve operational efficiency while enhancing the overall borrower and back-office experience,” said Charles Sweeney, CRO & COO at LoanPro.
The CheckAlt and LoanPro partnership can also support stronger back-office operations. Lenders can gain better control over payment workflows without changing their existing servicing environment. In addition, improved payment visibility can help teams track inbound activity more effectively. This can support more consistent reconciliation across lending operations. It can also reduce the administrative burden associated with check payments.
“Modern loan servicing requires modern receivables,” said Jason Schwabline, Chief Commercial Officer at CheckAlt. “Even as lenders modernize their servicing platforms, check payment workflows that support them often remain manual. Together with LoanPro, we’re helping lenders expand their payment processing capabilities to reduce manual work, simplify reconciliation, and gain better visibility into payment activity.”
CheckAlt Capabilities Support LoanPro Customers
Through the partnership, CheckAlt will provide several receivables and payment processing capabilities. These services will support LoanPro customers across inbound payment operations. The capabilities include lockbox and electronic lockbox services. They also include remote deposit capture and remote lockbox capabilities.
These solutions can help lenders to streamline the processing of incoming payments. They can also make payment reconciliation more efficient. This means lenders will have better control over check payment activity. The partnership also reflects broader changes across the lending technology landscape. Financial institutions are still modernizing their loan servicing platforms. But meanwhile, they need a payment infrastructure that can support those platforms.
The CheckAlt and LoanPro partnership brings these capabilities together for lenders. The emphasis is on reducing manual effort in check payment work flows. It also aims to promote reconciliation and enhance the transparency of payments. Payments operations is another area that is ripe for modernization as lenders continue to adopt digital lending technology. Good receivables management is good for lenders to improve their internal processes. It can also improve the back-office and borrower experience.
CheckAlt and LoanPro are joining forces to bring lenders more tools for managing incoming payments. The companies will concentrate on enhancing payment processing, but will continue to support existing servicing environments. Overall, the partnership expands the payment processing options for LoanPro customers. It also gives lenders a more efficient way to verify payments and reconciliation.
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News Source: Businesswire.com
