Checkbook.io and BCU Team up to Go Live with Digital Checks
Posted by Checkbook on Aug 13, 2018
Checkbook.io is a Silicon Valley Financial Technology Startup is solving the Paper Check problem in an innovative way for Financial Institutions.
BCU (Baxter Credit Union) was spending significant money and resources overnighting Checks to its Auto Loan Members. By fully utilizing Checkbook.io’s digital check solution, BCU will be able to replace their paper-based loan check disbursement process with Blockchain enabled Digital Checks, resulting in instant delivery and tracking for its members, faster loan funding times, at a fraction of the cost of the current process
Financial Institutions are particularly dissatisfied in their ability to issue payments efficiently. Checkbook.io’s Digital Check solution gives Financial Institutions like BCU, control of their payment process. Checkbook.io’s benefits become increasingly obvious in its ability to cost effectively enable businesses to send and receive payments in bulk and track everything in real-time online. On average, Credit Unions who have adopted Checkbook.io’s Digital Checking solution have enjoyed an ROI of 242% and over $1.6 Million savings in under 36 months.
“BCU is delighted to work with Checkbook.io to solve our problem of overnighting paper checks to our loan recipients. With Digital Checks, we will have instant delivery, resulting in improved member satisfaction and significant cost savings for the credit union.” -David Brydun, Vice President, Consumer Lending.
Checkbook.io’s fundamental advantage lies in its focus to seamlessly support time sensitive transactions. Alternative payment options inability to liquidate funds i.e e-wallets like Venmo and Paypal, just won’t cut it. Checkbook solves loan recipients needs to claim money directly in their bank account without going through a wallet.
“BCU has proven to be a pioneering FI in the field of payments. We’re looking forward to jointly solving the Paper Check inefficiency once and for all with BCU partnership” - PJ Gupta, Founder, Checkbook.io
Checkbook has solved paper payment problems for millions recipients to date. Through push payment processing and KYC protocols at the originator level, Checkbook has experienced virtually zero fraudulent activity.
An ambitious push to eradicate paper payments has also resulted in preservation of hundreds of trees and we continue our journey to make the world a greener place.
BCU is a purpose-driven organization that empowers people to discover financial freedom. At $3 Billion in assets, it’s also the fastest growing credit union in the last 35 years. Both not-for-profit and member-owned, the credit union’s mission is driven by the commitment to provide extraordinary service for nearly 250,000 members across the US and Puerto Rico. BCU members enjoy access to financial services and education that inspire confidence through the brand promise “Here Today For Your Tomorrow”. Lifetime membership is offered to employees and families of great company partners across the country, and those living or working in Chicago-area communities. Learn more at BCU.org. For more information, visit https://www.bcu.org/
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