CheckAlt, which provides treasury management and item processing, is partnering with OmniConnect, NXTsoft's secure connectivity solution, to allow for faster real-time integrations, a press release says.
The team-up will help to speed up onboarding by improving connections between CheckAlt, core providers and credit unions or banks for LoanPay, the loan processing solution utilized by CheckAlt.
By enabling real-time connections, the press release says payments can go through quickly and credit unions can avoid applying unnecessary late fees upon members’ shoulders. Those fees can often require lengthy phone calls to reverse them.
The pair-up will also help to downplay manual processes which typically take up more time, which has been the trend during the COVID-19 pandemic as businesses struggle to keep up their speed while working from home. Rich Longo, president of NXTsoft’s Omni Platform, said the partnership was looking to the future.
“With the NXTsoft OmniConnect Marketplace, we are set to reshape the way financial institutions engage with digital banking technology providers to deliver on the growing demand for contactless and real-time payment solutions,” he said, according to the release.
CheckAlt Chief Product and Innovation Officer Bobby Rahmanian said the new partnership involved a streamlining of the entire payment process.
“By partnering with NXTsoft, we can streamline LoanPay onboarding by creating real-time integrations that resolve payment friction,” he said, according to the release. “Even more importantly, this integration also provides real-time access to consumers.”
CheckAlt also recently partnered with credit union service organization (CUSO) Tru Treasury to provide growth services for credit unions. The partnership provided a loan payment option and treasury management to help level the playing field for credit unions to reach out to various new members from commercial, nonprofit and public companies.
Faster payments have an allure, and many financial institutions have been turning to new ideas from FinTechs to help people get their money faster, according to PYMNTS, with more functionality for cross-border payments and new shipping and logistics tools.