Sunnyvale, CA, October 17, 2017 -- Checkbook.io, a Silicon Valley financial technology startup is changing the way businesses and consumers send and receive paper checks.
Indeed, Checkbook has fundamentally altered the way class action disbursements are being done. Settlement Administration entities have traditionally sent thousands of paper checks to recipients - resulting in significant time and costs associated with printing and mailing.
Not anymore. With Checkbook’s end-to-end digital checking solution, leading check sending companies can send hundreds of thousands of checks almost instantaneously; all while being able to monitor in real-time receipt of payment via Checkbook.io’s dashboard. Payees, similarly, receive an email with their Digital Check in a matter of seconds. They can then deposit their Digital Check online via a simple click of a button and instant bank verification. No registration or sign-up necessary, no redirect to another site. It’s simple, easy, fast and best of all, the check sending company does not need to store any bank account information
It is because of these factors that industry leader Angeion Group continues to use Checkbook for its settlement services. The company, to-date, has sent tens of thousands of digital checks with Checkbook and looking to grow its relationship with the Silicon Valley innovator. “We partnered with Checkbook as of April this year. I’m pleased to say that with the Checkbook platform, the movement towards Digital Checks has been easy, painless and fast”, says Amit Dinghra, Chief Strategy Officer at Angeion. “We are now looking to grow out this partnership to where we do hundreds of thousands of digital check disbursements each month”.
“Checkbook, for its part, has grand ambitions to fundamentally alter the class action landscape. “For too long, settlements administrators have been beholden to the paper check because of specific legal requirements surrounding disbursements.”, say PJ Gupta, Checkbook founder and former Visa payments executive. “We enable these organizations to fully comply with regulations while providing a real-time payments solution at a fraction of the time and cost necessary. And the response has been overwhelming - we expect to work with all the major administrators by Q4 2018”. Best of all the user experience is transformative - once the recipient/Payee has elected to Deposit the Check online all subsequent Checks are automatically deposited in their bank account. “It was surprisingly delightful to receive a Check in email. Best of all I was able to Deposit it without taking any pictures with my smartphone” says Jane Sussett, one of the class action recipients from Plano, Texas. “I didn’t know this was possible” adds Tim Durnish, another pleased user. “For way too long I would get paper Checks and they would just sit on my deck. With Checkbook.io, once I’ve deposited it all subsequent Checks get automatically deposited.”
With Checkbook, it looks like the class action industry is set to revamp its image, one check at a time.
Checkbook is eliminating paper checks while increasing efficiency and security with Digital Check transactions. Based in Sunnyvale, CA, Checkbook was founded in 2015 by former VISA chief architect PJ Gupta and is funded by multiple VCs and individual investors including Tim Draper, Rocketship.vc., Angelist and Founders Fund.