CheckAlt, LEVERAGE Team on the repayment of the CU loan

Check Alt, which provides loan repayment and item processing solutions to credit unions (UCs) and banks, partners with LEVERAGE payment solutions to resolve loan repayment problems, 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 are excited to be able to help LEVERAGE Payment Solutions better serve members of credit unions to resolve a historic issue in the loan repayment space,” said CheckAlt Chief Growth Officer Allison Murray in the output. “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 member experience while supporting the collection services of credit unions.

LEVERAGE Deputy Managing Director Lindsey cole 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 explained to PYMNTS the dichotomy of challenges facing FinTechs, in which 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.

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