The marketplace, the U.S. Bank Connected Partnership Network, offers FinTech and other third-party payment and treasury solutions that are fully integrated with U.S. Bank systems, CheckAlt said in a Wednesday (June 17) press release.
CheckAlt’s participation in the marketplace enables the bank’s clients to more easily access CheckAlt’s receivables capabilities within the systems they already use, according to the release.
U.S. Bank clients can access CheckAlt’s lockbox services, electronic lockbox, remote lockbox and online payment processing, and adopt them without disrupting the platforms they already use, per the release.
These integrated receivables solutions can simplify posting and reconciliation for organizations whose receivables are fragmented across paper and digital payment channels, CheckAlt CEO Patrick Law said in the release.
“By joining the U.S. Bank Connected Partnership Network, we can help clients simplify how payments are received, processed and reconciled across channels, while reducing manual work and improving visibility and control,” Law said.
Adam Carter, embedded payments product lead at U.S. Bank, said in the release that the Connected Partnership Network is designed to help the bank’s clients discover and deploy payment technologies that meet their needs.
“By adding CheckAlt to the network, we’re expanding the receivables capabilities available to them within an environment they already trust,” Carter said.
U.S. Bank introduced its Connected Partnership Network in September 2023, saying the online marketplace for third-party payment and treasury solutions was designed to meet the needs of businesses looking for ways to gain efficiency and streamline their processes, as well as see opportunities for digital transformation in their payment processes.
CheckAlt said in January that the future of receivables depends on simplifying complexity while preserving institutions’ existing payment channels and human judgment.
“Most financial institutions are not seeking wholesale change,” Law said in a January press release. “They are focused on reducing friction within their receivables’ operations. When routine tasks are automated and workflows are more tightly connected, teams gain the time and clarity to apply judgment, manage exceptions and support clients more effectively.”
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