Unique Real-Time Notification Service Helps Members Avert Bounced Payments, Prioritize Important Payees, and Preserve their Financial Reputations
DoubleCheck Solutions is excited to announce a partnership with Corelation Inc. that will help give credit union members new options when faced with the potential of bounced payments due to insufficient funds in their checking accounts. Credit Unions that use Corelation Inc’s Keystone core processing system will be able to seamlessly integrate DoubleCheck’s solution, allowing for quick adoption across their network. This is the latest partnership DoubleCheck has signed to further expand its service to the nation’s credit unions.
The partnership provides Corelation credit unions the first and only real-time notification service that alerts credit union members when they have insufficient funds and enables them to change their financial institutions’ decisions on which transactions are paid and which are declined. Through DoubleCheck’s cloud-based solution, members are given a grace period during which time they can add funds to their account, adjust overdraft protection or even use a credit card to cover priority payees. As a result, members have a new way to avoid the ripple effect of negative consequences that result from bouncing a payment, including multiple fees, a poor credit rating and a damaged reputation.
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Until now, credit union members with insufficient funds have typically lacked visibility, access, and options around which transactions are paid and which are not. And they were notified only after a payment bounces.
The partnership gives credit unions that use Corelation Keystone the ability to quickly and easily activate DoubleCheck for their membership. This capability stems from the partners’ platform integration through the Corelation KeyBridge API. Transaction data related to insufficient funds is exchanged in real time so that members and institutions can see the current status of any pending bounced payments and resolve them instantly. Other solutions update payment data just once per day. These are just the latest illustrations of Corelation Keystone’s elegance and simplicity.
“We look forward to helping Corelation’s current and future clients get the information they need and control they deserve when it comes to insufficient funds, an area that has previously deprived members of control,” said Joel Schwartz, Founder and Co-CEO of DoubleCheck Solutions. “This partnership epitomizes Corelation’s member-first philosophy, which is at the core of the Corelation Keystone platform and is one we wholeheartedly share. The better we understand and address members’ needs, the better their outcomes.”
