CheckAlt launches new LoanPay API to help financial institutions speed loan, mortgage and credit card payments from customers
Flexible New Product Delivers Next Day Crediting of Funds and Easy Integration
LOS ANGELES, CA (October 23, 2014) — CheckAlt today launched the CheckAlt LoanPay API, giving Financial Institutions a powerful, customizable means for accepting loan, mortgage and credit card payments from their own website or mobile banking platform.
With CheckAlt LoanPay, banks and credit unions can accept payments from their customers via Check 21-based eChecks. Since these payments are treated like paper checks, funds from these payments are usually available next day versus 3-5 day availability with ACH, at a lower cost than credit card or most ACH payments. Also, eCheck payments can improve the customer experience and reduce disputes because they appear on the customer’s statement as a check image with all of the associated payment information, unlike ACH payments which contain little information about the transaction. Additionally, the CheckAlt LoanPay API allows Financial Institutions to accept payments drawn from any U.S. checking account.
“For most regional and community Financial Institutions, accepting loan payments over the web can be needlessly expensive and take too long for the funds to be credited. Even with only a few hundred customers, that expense and delay can really add up,” said Shai Stern, co-chairman and CEO of CheckAlt. “With the CheckAlt LoanPay API, we’re giving banks and credit unions the ability to accept payments over the web at a lower cost and with funds credited more quickly, while still maintaining complete control over the customer experience.”
The CheckAlt LoanPay API is easy to integrate into an existing Financial Institution web site, online banking site, mobile site, or mobile banking platform. The Financial Institution is able to design and develop the customer interface and maintain the integrity of its online and mobile platform’s security protocols. Once the customer enters their bank and account information, that data is passed securely through the CheckAlt LoanPay API, where it is converted into an eCheck and included in a X9.37 file for clearing. As long as the payment is made before the daily cut off time, the funds are credited the next day.
For more information about the CheckAlt LoanPay API, please visit www.checkalt.com.
CheckAlt is a Check 21 application and processing provider. CheckAlt assists financial institutions in more efficiently processing their items from all capture points within the bank or credit union, and in attracting and retaining business customers with innovative white label payment solutions. Additionally, CheckAlt offers easy-to-integrate APIs for mobile and web developers that want to accept Check 21 payments. Products include eChecks, Item Processing, Remote Deposit Capture (RDC), Mobile, eCommerce, and Lockbox Services. Find out more about CheckAlt at www.checkalt.com.