CheckAlt, a leading Check 21, treasury solutions, and lockbox provider, specializing in online bill payments, receivables solutions, remittance processing, and more, announced that it has partnered with CDP, a teller, and lending workflow solution provider. The collaboration aims to upgrade deposit processes for financial institutions, initially focusing on the teller deposit experience for credit unions and their associates.
With this alliance, CDP will use Check 21 deposit solutions of CheckAlt to easily deposit checks and post to credit union cores, modify deposit approval and online decision-making rules through CaptureNet Management web portal of CheckAlt and provide better verification services and greater fraud protection to credit unions by using CheckAlt’s risk technology
eTeller, the teller product of CDP, helps in sending emails and text receipts to credit union members instantly after making a cash or check deposit and allows them to capture compliance data for automated records retention. The primary results of the collaboration have improved the teller deposit scan and image experience, supporting credit unions with apprehending operational cost savings and providing extra transparency with the instant deposit receipts of CDP.
CDP’s Director of Sales and Customer Success, Alex Grabowski affirmed that both the allies share mutual clients, and hence they can eliminate dual efforts from operations and enhance the member experience. Through this joint solution, the company can deliver upgraded member communication of teller line activity, automate compliance, remove the manual end of day teller tasks, and minimize the need for expensive scanning equipment.
Bobby Rahmanian, CheckAlt’s Chief Product and Innovation Officer confirmed that with CDP, the company is providing a single workflow to their credit union clients that will help deliver deposit information immediately to members. He further stated that the company’s credit union and bank customers seek providers who can deploy solutions without core impacts. With this initial merger of teller activity technology of CDP and deposit product of CheckAlt, the organization has already started working on further solutions to expand the relationship with CDP.