Today In Digital-First Banking: CheckAlt, LEVERAGE Collaborate On CU Loan Repayment; Cross River Bank Reportedly Aiming To Raise $200M

In today’s top news in digital-first banking, CheckAlt is collaborating with LEVERAGE Payment Solutions to take on the challenges in supporting indirect loans, while Cross River Bank is reportedly in early discussions with potential suitors about raising roughly $200 million. Plus, Wells Fargo is reportedly shutting down personal credit lines amid a change in focus.

CheckAlt, LEVERAGE Payment Solutions Team On CU Loan Repayment

CheckAlt, which equips banks and credit unions (CUs) with loan payment and item processing solutions, is teaming with LEVERAGE Payment Solutions. Borrowers can make loan payments at any moment from any location with CheckAlt’s LoanPay offering. “We are excited to be able to help empower LEVERAGE Payment Solutions to better serve credit union membership to solve a historical pain point in the loan repayment space,” CheckAlt Chief Growth Officer Allison Murray said in an announcement.

Cross River Bank Looking To Raise $200M From Investors

Cross River Bank is said to be in early talks with possible suitors regarding raising approximately $200 million. The effort could put the valuation of the Fort Lee, New Jersey-based lender at $2.5 billion or more, per a published report. The funding round’s terms are not set in stone and could end up being different, according to the report. Cross River Bank’s parent company, CRB Group, recently bought PeerIQ, which is a data and risks analytics company.

Wells Fargo Pulls Plug On Individual Credit Lines

Wells Fargo is shutting down personal credit lines as the financial institution (FI) moves to drop the banking offering, according to a published report. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank said in a letter, according to the report. The action is meant to let the FI move its concentration to personal loans and credit cards.