Our collaboration with CheckAlt allowed us to improve the automation of the lockbox processing function, by reducing the volume of payment exceptions, and delivering a multi-channel integration of payment streams for our commercial clients.
Los Angeles, CA & Wayne, NJ (PRWEB) March 07, 2016
CheckAlt, a leading provider of financial technology solutions and Valley National Bank, a $21.5 billion-asset commercial bank, today announced they were recipients of Bank Director’s Best of FinXTech Award for Payments Innovation. Bank Director’s Best of FinXTech Awards recognize the successful collaboration between a financial institution and fintech company, which substantially improved an existing product or service, or introduced a new product or service which engaged customers, created new revenue opportunities and/or improved the financial institution’s competitiveness in the market. CheckAlt and Valley National Bank accepted the award prior to the Nasdaq Closing Bell Ceremony Tuesday, March 1, 2016.
“Our collaboration with CheckAlt allowed us to improve the automation of the lockbox processing function, by reducing the volume of payment exceptions, and delivering a multi-channel integration of payment streams for our commercial clients,” said Christine Hartman, Executive Vice President, Director of Deposit Strategy and Treasury Management for the former CNLBank. “This resulted in greater efficiency in our clients’ receivables management process and a higher level of customer satisfaction.”
The CheckAlt Remit 4.1 and 4.2 releases introduced a completely redesigned, browser-based solution for both the financial institution and their account holders, which significantly reduces exception items while allowing them to easily decision the remainder online; monitor real-time (in-process) payment activity and receive a truly consolidated accounts receivable file that can integrate into any accounting system and includes all payment data for the day regardless of payment method or source.
“CheckAlt is thrilled to receive this award with our partner, Valley National Bank,” said Shai Stern, CEO and co-chairman at CheckAlt. “Our primary mission is to forge long-lasting, value driven partnerships and provide fintech solutions which help our clients expand their capabilities, deepen their consumer and business account relationships and remain agile in the face of evolving customer needs and behaviors. We are pleased that the deeply collaborative effort between CheckAlt and CNLBank (acquired by Valley National Bank on December 1, 2015) delivered an almost entirely new solution for consolidated remittance processing and met or exceeded the goals established by both teams.”
CheckAlt Remit is now the premier white label remittance processing solution financial institutions can offer to help their commercial clients automate the processing of incoming payments and related data. Commercial clients improve cash flow, consolidate daily import and long-term research of receivables data for all payment streams and minimize costs related to exception processing.
CheckAlt delivers innovative solutions that help financial institutions expand their capabilities, deepen their business account relationships and remain agile in the face of rapidly changing client needs and behaviors. These solutions include consolidated, advanced item processing, lockbox processing and white label solutions, such as CheckAlt Remit, LoanPay and Mobile Business Capture. And through the CheckAlt Portfolio Companies Bankjoy, Fundomate, Street Invoice and Zipmark, CheckAlt delivers a branded, modern mobile banking app and API, quick access to competitively priced alternative business financing, an enterprise quality mobile invoicing and payment app and the ability to choose better payouts and better collections for your business. For more information, visit http://www.checkalt.com.
About Valley National Bank
Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with over $21 billion in assets. Its principal subsidiary, Valley National Bank, currently operates 227 branch locations serving 31 counties throughout northern and central New Jersey, the New York City boroughs of Manhattan, Brooklyn, Queens and Long Island, and Florida. Valley National Bank is one of the largest commercial banks headquartered in New Jersey and is committed to providing the most convenient service, the latest in product innovations and an experienced and knowledgeable staff with a high priority on friendly customer service 24 hours a day, 7 days a week. For more information about Valley National Bank and its products and services, visit http://www.valleynationalbank.com, or call Customer Service 24/7 at 800-522-4100.
About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its monthly Bank Director magazine, executive-level research, annual conferences, and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America's banking industry. Bank Director is headquartered in Brentwood, Tennessee. More information can be found at http://www.bankdirector.com or http://www.finxtech.com.