CheckAlt, which provides lockbox and treasury management services, has struck a partnership with credit union service organization (CUSO) Tru Treasury to help credit unions attract new members and boost services, a press release says.
The partnership touts its ability to work in both paper and electronic services. CheckAlt co-chairman and chief executive Shai Stern said the idea was to keep pushing forward with growth.
"Having experienced continued growth and commitment to its credit union and bank clients during this pandemic, CheckAlt is delighted to work with Tru Treasury to provide our suite of turnkey treasury payment solutions that accelerate payments and simplify reconciliation for credit union members,” he said, according to the release.
John Ballantyne, chief executive of Tru Treasury, said it was important to grow membership for credit unions.
“Tru Treasury understands the challenge credit unions face on the commercial side of their operations, specifically with guiding the growth of business membership,” he said, according to the release.
One feature of the partnership is the LoanPay option, which provides loan payment experiences for credit union consumer and corporate members, according to the release. In addition, the companies’ collaboration will aim to “deliver treasury management products designed with the goal of leveling the playing field for credit unions to attract commercial, public, and nonprofit sector membership,” according to the release.
As things shift to digital amid the pandemic, credit unions have found that CU members are interested in new features like P2P payments and voice assistant applications. Around one-third of respondents to surveys said they’d be interested in those things, PYMNTS reported. Usually, satisfaction for CU members is based around the ability of a CU to deliver those services in easy-to-use and timely manner.
And if those criteria are not met, CUs risk losing members to emerging FinTechs which are trafficking in new P2P, real-time and installment payment services.