Fintech News

CheckAlt Acquires U.S. Dataworks, Strengthens Lockbox and Electronic Payments Solution Suite

CheckAlt Acquires U.S. Dataworks, Strengthens Lockbox and Electronic Payments Solution Suite

CheckAlt, the largest independent lockbox and electronic payments provider in the country, announced the acquisition of software provider and engineering firm U.S. Dataworks from The Bankers Bank of Oklahoma. This acquisition expands CheckAlt’s position to include insource capabilities, allowing banks and their business customers to internally capture all forms of remittance payments, including lockbox receivables. U.S. Dataworks’ web-based technology meets the needs for on-premise or remote processing and embeds the business intelligence to facilitate the conversion of paper payments to electronic.

“Recognizing that the U.S. Postal Service is going to be overwhelmed and distracted with mail-in voting and other impediments to normal delivery, we must enable additional solutions for our clients to capture payments on-site, remotely, or through any one of our 13 lockbox processing centers across the country,” said Shai Stern, Co-Chairman and CEO of CheckAlt. “Moreover, between the hundreds of financial institutions that both CheckAlt and U.S. Dataworks serve directly, we now have further reach to offer our full suite of payment solutions which include not only paper processing but as well our Catch! product and card processing services.”

Read More: GlobalFintechSeries Interview with Gerard Griffin, CEO at AnyDay

While many have shifted to an outsourced lockbox solution, there are still controls and experiences that financial institutions and their corporate clients wish to customize and influence. They now have that option with the expanded receivables solution suite provided by CheckAlt with U.S. Dataworks. “There has historically been a dichotomy between financial institutions seeking to outsource as much as possible and insource as much as possible,” explained CheckAlt’s Chief Growth Officer Allison Murray. “With this acquisition, CheckAlt can now give them the best of both worlds—to outsource and insource as much or as little as they choose.”

In addition to acquiring its robust technology, CheckAlt welcomes U.S. Dataworks’ employees to its team. “I remember the day when Shai entered the payments business,” recalled David Peterson, President of U.S. Dataworks. “He brought Allison along shortly after the two left Vintage Filings saying they were going into the check processing business. Over the past 10 years, I’ve observed CheckAlt making significant strides in not only creating a great payments brand in CheckAlt, but also becoming the largest independent provider of receivables solutions in the nation. Following their forward-thinking investments into fintech companies such as Bankjoy, Q6 Cyber, Zaam, and the recent investment with Composable Analytics, Inc. to launch Scrypt, I am excited that the next step in my career was to bring U.S. Dataworks into the CheckAlt family.”

Read More: The Influence of Mobile Apps WeChat Pay and Alipay Extends Far Beyond China’s Borders

Also joining CheckAlt is Leilani Doyle, who directs product management for U.S. Dataworks. “One of the many benefits of this acquisition is how our services align with CheckAlt’s mission to support financial institutions and businesses with the transition to electronic payments,” explained Doyle, a 12-year veteran of U.S. Dataworks. “Both CheckAlt and U.S. Dataworks have proven the simplicity of migrating paper to electronic in several ways. These include preventing online bill payments from becoming checks, migrating paper payments for utility and property management bills to ACH and card transactions, and working with billers to convert invoice files to digital formats for simplified cash application and reconciliation. This close technical integration with banking systems and business accounting systems positions the combined CheckAlt and U.S. Dataworks products to lead the way in real-time and emerging payment channels.”

Read More: BillingPlatform Increases Standing in MGI 360 Ratings Report for Agile Monetization Solutions

Related posts

Berkshire Hills Reports $140 Million Share Repurchase Program

Fintech News Desk

Earnix Expands Its Boston Office and Welcomes Two New Hires

Fintech News Desk

Papaya Global Completes its Unified Payroll and Payments Platform with the Launch of the First Global Direct Deposit

PR Newswire
1