CheckAlt, which provides loan repayment and item processing solutions to credit unions (CUs) and banks, is partnering with LEVERAGE Payment Solutions to resolve loan repayment issues, according to a press release.
With CheckAlt’s LoanPay, borrowers can repay their loans anytime and by any means, the statement said. It was designed with UC in mind and can support both direct and indirect borrowers.
“We’re excited to be able to help LEVERAGE Payment Solutions better serve credit union members to resolve a historic issue in the loan repayment space,” said Allison Murray, Chief Growth Officer of CheckAlt, in the press release. “The management of direct and indirect loans is a long-standing problem for credit unions that requires significant manual effort to ensure that payments on loans from external accounts are properly received. CheckAlt’s LoanPay solves this problem, provides a better experience for members while supporting collection services from credit unions.
Lindsey Cole, COO of LEVERAGE, said in the statement, “The LEVERAGE team is working hard while selecting new partners. We purposely select the best brands with a solid reputation. That’s why we’ve partnered with CheckAlt to provide LoanPay to members of credit unions and improve the loan repayment experience for credit unions and borrowers.
In June, CheckAlt Chief Information Officer Ram Bajaj told PYMNTS about the dichotomy of challenges facing FinTechs, where they must balance customer satisfaction with the demands of regulators. Partnering up with each other can help.
“If they can’t go fast and they don’t do the regression testing, they’re going to have a lot of flaws, and they’re going to miss out on new features and new products for the customer,” Bajaj said.