CheckAlt, which works in providing loan payments and item processing solutions for credit unions (CUs) and banks, is partnering with LEVERAGE Payment Solutions to solve loan repayment problems, according to a press release.
With CheckAlt’s LoanPay, borrowers can pay off loans anytime and via any means, the release stated. It was designed with CUs in mind and can support direct and indirect borrowers.
“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,” said CheckAlt Chief Growth Officer Allison Murray in the release. “Managing both direct and indirect loans is a longstanding pain point for credit unions that requires significant manual effort to ensure payments on loans from outside accounts are properly received. CheckAlt’s LoanPay solves that problem, provides a better member experience while also supporting credit union collections departments.”
LEVERAGE Chief Operating Officer Lindsey Cole said in the release: “The LEVERAGE team works hard while vetting new partners. We purposefully select the top brands with solid reputations. That’s why we’ve partnered with CheckAlt to provide LoanPay to credit union members and improving the loan repayment experience for credit unions and borrowers.”
In June, CheckAlt Chief Information Officer Ram Bajaj told PYMNTS about the dichotomy of the challenges faced by FinTechs, in which they have to balance customer satisfaction and regulators’ demands. Partnering with one another can help.
“If they can’t move fast and they’re not doing the regression testing, they’re going to get a lot of defects, and they’re going to miss out on new features and products for the customer,” Bajaj said.