Strategic reseller agreement delivers credit union members new transparency and real-time control to avoid overdraft and NSF fees
DoubleCheck Solutions, a fintech company addressing outdated overdraft and non-sufficient funds (NSF) practices with practical software solutions, and Vizo Financial Corporate Credit Union, a state-chartered corporate credit union, are pleased to announce a partnership to provide member credit unions with a new service enabling members to manage their NSF transactions before any payments bounce.
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As legislators debate solutions for overdraft relief, Vizo Financial members can seamlessly integrate DoubleCheck’s overdraft and NSF solution into their financial systems, allowing for quick integration across their processing systems. Vizo Financial members gain a competitive advantage, regardless of their size, in supporting their members with more transparency and financial freedom in determining how they process overdraft and NSF transactions.
The partnership also gives Vizo Financial member credit unions the ability to provide their members with a real-time notification service to alert them when they have insufficient funds and to prioritize which transactions are paid and which are returned.
Through DoubleCheck’s cloud-based solution, credit union members are given a grace period during which time they may add funds to their account to cover their overdraft or NSF transactions. Through the program, credit unions select the funding options available to their members based on the credit union’s service offerings. Credit union members may have the option to choose to cover their overdraft and NSF transactions with cash, credit card or a third-party payment service. As a result, members can avoid the ripple effect of bounced payments ranging from late fees to damaged relationships, and even potential account closures.
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“DoubleCheck clearly understands the needs of credit unions. We chose to partner with them because of their technology and ability to seamlessly integrate their system to deliver a proven overdraft and NSF solution across our member credit unions networks,” said Jeff Stoner, chief strategy and technology officer of Vizo Financial. “Our members rely on Vizo Financial as a trusted partner to offer the best services to drive their operations, comply with legislation and ultimately meet their members’ financial goals.”
With DoubleCheck’s simple integration process, the partnership allows member credit unions that use Vizo Financial the ability to activate the DoubleCheck software rapidly and easily for their members. This capability stems from the members’ platform integration through the Vizo Financial API. Transaction data related to insufficient funds is exchanged in real-time so credit unions and members can see the current status of any pending bounced payments and resolve them instantly.
“Our partnership with Vizo Financial ensures all member credit unions have the ability to offer their members the transparency and control they deserve when it comes to managing insufficient funds,” said Joel Schwartz, founder and co-CEO of DoubleCheck Solutions. “Embedded finance is growing rapidly and is already becoming a critical element of today’s credit union operations. DoubleCheck excels at meeting those needs and provides proven overdraft and NSF solutions that result in improved member outcomes and savings.”
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