In this episode of Fintech Confidential, host Tedd Huff sits down with Lynn Dufrane, the Executive Director of Sales at CheckAlt. They explore the unique partnership between fintech companies and traditional financial institutions, highlighting how these collaborations are changing the landscape of financial services. Lynn explains how her experience as a banker helps her understand both sides of the industry, making her a valuable asset at CheckAlt.

One surprising topic they discuss is the enduring relevance of paper checks. Despite the rise of electronic payments, businesses wrote more checks in 2023 than in 2022. Lynn shares how CheckAlt is at the forefront of processing these payments efficiently while also offering new electronic solutions.

They also talk about the growing opportunities in the healthcare sector for financial services. Lynn believes that both fintechs and banks should pay more attention to this field as it presents numerous opportunities for growth.

The conversation shifts to how financial institutions can benefit from outsourcing tasks like lockbox processing to focus on more revenue-generating activities. Lynn provides examples of how CheckAlt helps banks and other businesses manage their payment processes smoothly.

Another key point is the importance of seeing fintech companies as partners, not threats. Lynn emphasizes that successful companies are those that can collaborate and adapt quickly to new challenges.

To sum up, this episode provides valuable insights into the current trends in financial services, the surprising persistence of paper checks, and the benefits of collaboration between fintechs and traditional financial institutions.

Watch the entire episode on YouTube to get more insights from Lynn Dufrane on how CheckAlt is helping shape the future of payments.

Key Highlights

You Won’t Believe How Relevant Paper Checks Still Are!

Discover why paper checks are far from dead. In fact, businesses wrote more checks last year than the year before. Find out why checks remain an important part of today’s payment methods.

The Unexpected Partner: Fintechs and Banks Working Together

Learn how fintech companies and traditional banks are becoming partners instead of competitors. This partnership is changing the way financial services are offered and improving customer experiences.

Healthcare’s Hidden Goldmine for Financial Services

Explore why the healthcare sector is a top opportunity for financial services. Banks and fintech companies can find great potential here, with a growing need for efficient payment solutions.

Why Outsourcing Lockbox Processing Makes Sense

Understand the benefits of outsourcing tasks like lockbox processing. This allows financial institutions to focus on more profitable activities and improves overall efficiency.

The Real Reason Paper Checks Aren’t Going Anywhere

Despite the rise of electronic payments, paper checks are still widely used. Learn why checks are here to stay and how they fit into the modern payment landscape.

How Fintechs Are Helping to Fight Check Fraud

Check fraud is a major concern for financial institutions. Find out how fintech companies are developing solutions to detect and prevent fraud, making transactions safer for everyone.

A Fresh Look at Payment Processing Challenges

Get insights into the common challenges faced by financial institutions when it comes to payment processing. Learn how new approaches and technologies are helping to overcome these obstacles.

The Importance of Being Able to Pivot in Business

Flexibility and the ability to change direction quickly are key to long-term success. See why being able to pivot is crucial for companies in the fast-paced world of financial services.

Why Online Payments Are a Must for Businesses Today

With more people preferring to pay online, having a strong online payment system is essential. Discover how businesses are adapting to meet this demand and what it means for their success.

The Secret to Building Strong Partnerships in Fintech

Strong partnerships between fintech companies and traditional financial institutions are vital. Learn the secrets to building these relationships and why they matter for future growth.

Takeways

1️⃣ Think of Fintechs as Partners, Not Enemies

Instead of seeing fintech companies as rivals, start viewing them as potential partners. By working together, both sides can offer better services and improve customer satisfaction. This mindset shift can open up new opportunities and help your business grow.

2️⃣ Invest in Comprehensive Payment Solutions

To stay ahead, it’s crucial to offer a range of payment solutions, including both traditional and electronic methods. Providing a variety of options can attract more customers and meet their diverse needs, ensuring you’re not left behind in the fast-paced financial world.

3️⃣ Explore the Healthcare Sector

The healthcare sector is a goldmine for financial services. With an increasing need for efficient payment systems, diving into this field can lead to significant growth. Look for ways to offer tailored solutions to healthcare providers and their patients.

4️⃣ Focus on Lockbox Processing Outsourcing

Outsourcing lockbox processing can free up valuable resources and allow your team to focus on more profitable activities. This move can improve efficiency and help your business stay competitive by reducing the burden of routine tasks.

5️⃣ Prioritize Fraud Detection and Prevention

Check fraud remains a big issue, so it’s essential to invest in advanced fraud detection and prevention tools. By staying ahead of fraudsters, you can protect your customers’ money and build trust in your financial services.

WATCH NOW on YouTube.

Links:

CheckAlt

Website: https://checkalt.com

LinkedIn: https://www.linkedin.com/company/checkalt

Twitter: https://twitter.com/checkalt

YouTube: https://www.youtube.com/user/checkalt

LinkedIn Lynne Dufrane: https://www.linkedin.com/in/lynn-dufrane-093a2534/

Fintech Confidential

YouTube: https://fintechconfidential.com/watch

Podcast: https://fintechconfidential.com/listen

Notifications: https://fintechconfidential.com/access

LinkedIn: https://www.linkedin.com/company/fintechconfidential

Twitter: https://twitter.com/FTconfidential

Instagram: https://www.instagram.com/fintechconfidential

Facebook: https://www.facebook.com/fintechconfidential

Supporters

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Time Stamps:

00:00 Introduction to FinTech Confidential

00:02 Meet Lynn Dufrane from CheckAlt

00:10 The Evolution of Payments

00:36 Checks: The Surprising Comeback

00:48 Exploring New Business Verticals

00:53 The Healthcare Space Opportunity

01:08 FinTechs as Partners, Not Threats

01:18 CheckAlt's Impressive Stats

01:30 Introduction to Today's Episode

02:11 Journey in FinTech

02:30 Spotlight on Clearing Works

02:50 Lynn's Career Path

04:00 Bridging Traditional Banking and FinTech

05:02 The Resilience of Paper Checks

05:20 Innovations in Check Processing

08:33 Opportunities in Lockbox Processing

12:58 Partnerships Beyond Financial Institutions

17:27 Advice for FinTech Founders

18:53 The Importance of Collaboration and Pivoting

28:35 Conclusion and Final Thoughts

This is a Production of Diamond D3, Media

ABOUT:

Lynn Dufrane: Lynn Dufrane is a seasoned professional with over 30 years of experience in the banking and payments industry. Currently, she serves as the Executive Director of Sales at CheckAlt, where she drives innovation and growth. Her career includes significant roles at Visa, Fiserv, and Elan Financial Services, highlighting her expertise in developing effective Debit Card and ATM strategies that boost institutional revenue.

CheckAlt : CheckAlt is the largest independent provider of receivables management and payment and deposit processing solutions in the U.S., serving more than 1,000 clients across a broad range of industries, including financial institutions of all sizes, property management, healthcare, utilities, municipalities, and nonprofits. Operating as payment channel and demographic agnostic, CheckAlt processes check payments while also supporting electronic payment needs that are accelerating digital transformation. CheckAlt's solutions include lockbox processing across a nationwide hub-and-spoke network of processing sites, consolidated item processing, integrated treasury solutions, and mobile capture services. Learn more at https://www.checkalt.com.

Tedd Huff: Tedd Huff is the Co-Founder of Voalyre, and the President & Founder of Diamond D3, a professional services consulting firm focused on global payments and marketing. He is also a video podcast host and producer of Fintech Confidential.

Over the past 24 years, he has contributed to FinTech startups as an Advisory Board Member, Co-Founder, and Chief Experience Officer, providing strategic and tactical direction for Global Payments OpenEdge, Heartland Payments, Nuvei, and TSYS, among others, focusing on growth while delivering innovation, process improvements and user experience-driven value to simplify the complexity of payments.

Diamond D3, Media: A media creation, management, and production company delivering engaging content globally

Welcome to another episode of FinTech Confidential.

Today, I have the pleasure of sitting down with Lynn Dufrane, the Executive

Director of Sales over here at CheckAlt.

Having sat on the side of a traditional banker's desk is,

is really beneficial when you're talking to financial institutions.

Being in the payment space and around innovators and FinTechs is beneficial in

understanding that side of the business.

There was this moment of Is this a, is this the next big threat in banking?

And I think what we're finding out is I think it's the next great partnership.

People may be shocked, but last year, business customers wrote more

checks in 2023 than they did in 2022.

So checks aren't going anywhere when you're going after new business, whether

you're going to enter the market and.

Um, and search for a new vertical.

Maybe you've never done business in the healthcare space.

I'm personally a big fan of the healthcare space.

I think every financial institution should look at the healthcare space.

I think fintechs, you know, that's a great space.

I didn't realize this, but the number one thing apparently

for financial institutions that they'll talk about this year.

I hope financial institutions move away from thinking fintechs are

threats and really move into this.

We have to partner with these financial technology companies.

I think it's a hundred and sixteen billion.

Payments were processed by check all I didn't realize there were that

many checks still being written.

I'm just being honest

Welcome to fintech confidential bringing you the people tech and companies

that change how you pay and get paid

Welcome to another episode of fintech confidential today.

I have the pleasure of sitting down with Lynn Dufrane The executive

director of sales over here at CheckAlt.

And today we're going to dive into what it really looks like to

work with partnerships and really understand how CheckAlt is solving

a lot of these problems around lockbox and some other features.

Well, then.

I'm glad to finally have you on.

How are you doing?

I'm well, thanks for having me.

It's a privilege to be here.

Yeah.

So we always dive in originally to, to really talk about how you fell

in to this wonderful world we call fintech, you know, kind of give us

like a, how you first got in and then.

Like do a quick fast forward to, to how you got to where you're at today.

Now let's quickly shine a spotlight on a game

changer in the financial world.

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Probably an untraditional path for fintech because I started a

small community bank I think in 1987 as a teller, as everyone in financial services

probably should start as a teller, um, and worked my way up very quickly.

And I moved over to the payment side, I think it was like the early nineties and

I literally fell in love with payments.

The movement of money to me was fascinating.

And it was one of those groups that just constantly evolved.

And so every day you learn something new and I'm just really curious by nature.

So it was such a great fit.

Um, and so I just payments has just always kind of been my passion.

And I've been very blessed to work for a lot of great organizations and

CheckAlt is at the top of my list.

Well, that's where you've landed now.

You started at the community bank.

You've made a couple steps through there to some well known brands.

What did you, what did you, what are you bringing from those experiences

into that as you come over to CheckAlt?

What is the, the biggest piece you feel like you're, you're

bringing along with you?

Yeah, I, I think it's a comprehensive

understanding of the industry.

And I think having sat on the side of a traditional banker's desk is,

is really beneficial when you're talking to financial institutions.

And I think being in the payment space and around innovators and FinTechs.

is beneficial in understanding that side of the business.

And so I think what I bring is kind of a more collaborative approach

to bringing the two together.

Because I think initially when fintechs kind of made their splash

into financial services, I think there was this moment of is this a, is

this the next big threat in banking?

And I think what we're finding out is I think it's the next great partnership.

In financial services.

And I think the really smart institutions understand that, and I think what,

what we try to do at CheckAlt is bring that innovation together in an

industry, check processing, that's probably seen as, as, as more of a

traditional, um, not real technologically advanced processing of paper checks.

But there's also this perception, I believe, that folks believe

checks are going away.

Right?

And they probably have for a decade.

And the truth is they're not.

In fact, people may be shocked, but last year, business customers wrote more

checks in 2023 than they did in 2022.

So checks aren't going anywhere.

CheckGulp is innovating to stay ahead of check processing.

And I, and I think really the way FinTechs and financial services come

together will be the pivotal moment as we move forward in this industry.

So you, you, you know, it's, it was kind of surprising to me.

I mean, I can't, I can.

Think back is as long as I've pretty much been in the industry.

And it's every year feels like it's the death of checks.

It's the death of checks.

It feels like every year that comes along, I think it's been more of a, a transition

or a conversion that's really happened.

I don't think there's fewer checks.

I just think that the way that they're being created, um, accepted,

converted, and then transmitted have all made some major changes.

And when you look at all those different things, how do you see the

vision and the mission of checkout really delivering that to the market?

Yeah.

I think I actually agree with you that I was probably in that boat

thinking, well, checks are going away.

And then as I emerged myself in this industry, realizing

statistically that's just inaccurate.

Um, and I think the one thing checkout does is understand.

There's a need to process physical paper checks, and

that need is not gonna go away.

And so by stop, if, if you stop innovating in that space, there's gonna

be a gap at somewhere down the road.

We're still innovating, which is a good thing.

We're we're looking at ways to turn paper checks into a CH, for example.

So, um, I think the, the greatest misconception is a lot of us

use an online bill pay system with our financial institution.

I'm a huge fan of bill pay.

And I've known for years because I'm in this industry that certain people

I pay, I know there's a physical check going because I can see that the time

it's supposed to arrive can be weeks after I have input the actual check.

And what Checkult does with one of our offerings is we take that

physical bill pay check and we catch it at the moment it's being

issued and we convert it to an ACH.

So now we've eliminated the postal system, we've sped up the time that

that payment is being received by the.

By the payee, and also the credit that the consumer gets for paying

that bill in a more timely way.

So, I think those are the things that we try to innovate, but again, I do believe

paper checks are here to stay for a while.

My mom's 81 years old, and I can assure you, not only does she write

a check constantly, she balances her checkbook every month religiously.

So she is, that's how old school my mom is.

Now my children?

I don't know.

I'm hoping they know how to write a check, but I'm not sure they do.

You know, that's the generation of P2P payments and everything's instant.

And so what we have to do at CheckGauld and really across the financial

services industry is really figure out how to serve both spectrums, right?

We still need to serve my 81 year old mom because she's going to be part

of the financial services ecosystem.

Um, but also need to look at my children from a digital forward perspective

because they are going to change the ecosystem over the next several decades.

Well, you mentioned, um, the lockbox function that, I mean, lockbox

has been around a really long time, right?

And you know, I still remember the first time that I had to use one, I

was paying my first utility bill and I had to write the check and put it

in the envelope and then mail it.

Right.

Cross my fingers that it got there in time so that they didn't drop my electricity.

But yes.

Yes.

Yes, but when you look at that, what are some of the opportunities that

you're seeing for financial institutions Maybe some non financial institutions

as well Looking at these types of products, like you'd mentioned, that

catch it before it gets mailed out and converts to ACH, what are the kinds of

opportunities that you're seeing there?

And can you give us an example?

Sure.

I think financial services in generally are having maybe an aha moment, and

it's really not even related to check processing or digital offerings.

Great.

It's more related to the talent shortage that is everywhere, but certainly

in the financial services industry.

So if you are an institution that was doing, say, lock box processing

yourself for your clients, I think there's becoming a need now to look at

where do we outsource that, because we should redeploy our own associates to

go out and do revenue enhancing things or redeploy them for an area where we

have a gap and we don't have people.

Um, so I think that's one thing that is, it, it may not be, you know, super digital

first in thinking, but it's, it's relevant in that it's a way for you to enhance

your business into the next generation.

Right.

Um, and I, I think examples of that is we just, uh, hosted a large

institution here in Miami at our event.

And I originally, they came to me with the need of, they were

going to acquire our software.

They have a big lockbox processing facility in house.

And when I talked to their president as we walked around, I said, help

me understand because I've heard your team make different comments.

Um, are you all still thinking of ingesting the software and doing it?

And he said, no, we're doing a pivot.

Uh, we'd like to outsource.

It makes sense.

And I'm certain they've done this for generations.

And it's made sense to outsource and allow their team to do other things.

So I think that's kind of an example of where maybe it's not

product forward in what they're thinking but more product shifting.

Um, I think that Checkult is constantly innovating, uh, whether it be the online

portal that allows that, that biller to go and pay their bill either by card,

debit, or credit, or have a direct ACH out of their checking or savings account.

Um, whether it be the traditional paper lock box where people are

opening the, the envelope scan.

What you went through with your utility bill.

Somebody opened it.

They scanned it.

They, they created a file and they got it deposited.

Or it's where we intercept that bill paycheck.

So I think those are more like comprehensive offerings and maybe

decades ago people thought about one thing and maybe the innovation is that

you have to be holistic when you're solving things for clients, right?

Or.

When you're going after new business, whether you're going to enter the

market and, and search for a new vertical, maybe you've never done

business in the healthcare space.

I'm personally a big fan of the healthcare space.

I think every financial institution should look at the healthcare space.

I think FinTechs, you know, that's a great space.

Um, the truth is, and I'm one of those people, as we age, We, we need

doctors and, uh, young people seem to be a little bit more forward thinking

in being proactive in visiting a doctor versus waiting until, you

know, there's something wrong.

So I think there's great opportunity for, for businesses, for financial

institutions as we move forward.

Can you help me understand where the opportunity lies?

I mean, we, we've talked about the financial institution, organizations

that are, are sending in or receiving the lockbox per payments.

One of the things that I had noticed is, is talking to, uh, to the CEO,

Shai,

a lot of times is that there are a lot of partnerships

that feel untraditional.

Can you help me understand?

How you're looking at partnerships beyond, uh, the traditional

route of financial institutions.

Absolutely.

So, I think a great example is, um, I didn't realize this, but the

number one thing apparently for financial institutions that they'll

talk about this year is check fraud.

I heard it from an association, a very large association.

What can checkout do about check fraud?

And so that I thought, well, that's an interesting question.

And so as we've talked to various FinTechs in trying to develop

partnerships, uh, I met someone who basically started a FinTech that monitors

checks being sold on the dark web.

And it was fascinating, uh, the, the data that he had built, he had

a background in secret service.

So we're talking, you know, first class.

Uh, team that he's put together.

And it's something like 20 years ago, you, you know, that stuff didn't happen.

And many financial services institutions are very traditional in nature.

And so I think the, the partnerships that we're trying to build is to fill gaps that

we hear when we're talking to our clients.

And I, yesterday someone asked, well, what's the differentiator between Checkult

and everybody else who does what you do?

And I, it's one of those things when you ask an institution, what's

the differentiator between your checking account and somebody else's?

It's a checking account.

It moves money and we process checks.

But the differentiator is we're constantly looking to partner with FinTechs.

Shai Stern, our CEO, has an unbelievable network with these FinTechs and just

with really entrepreneurial type spirits.

And that's what we need to do to push forward and move forward.

And so I'm really focused on.

Where can we leverage these partnerships to bring more value to our clients?

And, uh, yesterday's presentations, uh, the Miami conference met a, just a, an

enormous amount of thought, knowledge, and just super interesting ideas.

And I think that's why I say what I originally said is.

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I hope

financial institutions move away from thinking fintechs are threats

and really move into this, we have to partner with these financial technology

companies because they think of things that traditionally we haven't thought of.

And if we can marry those two together, it's a better

experience for our consumers.

And at the end of the day, we're all here to serve clients.

As we're recording this, you're relatively new to check on.

Yes.

Um, what was the biggest surprise?

That, that you found after joining the company and how did that change

your perception of legal overarching?

The biggest surprise was, I think it's 116 billion

payments were processed by check off.

I didn't realize there were that many checks still being written.

I'm just being honest.

So my biggest surprise was how large this industry still is.

Um, I think the other big surprise was.

How innovative this company is, because traditionally when you

say the word paper check, the next word typically is not innovation.

Yet I think CheckGault and especially Shai and the executive leadership

team have done a great job.

Of breaking the mold of saying, we process checks and we're very proud of that.

We process checks, but we process checks and then, and then, and then, and then.

So I think that's what was really eyeopening for me.

Well, and as, as we're looking at all of these different things

and the innovation that goes on at CheckAlt, especially around something

that is typically looked at as super legacy paper checks, paper, ink.

Printed, processed, when you look at the fintech founders and or new people

in the financial services arena or fintech, if you were able to give them

just one piece of advice, one piece that they would, they could take with

them forever and they would never forget, what would that be and why?

My advice would be to be open to collaboration and not to think.

That there's only one way to skin the cat, you know, to say that, say it's that way.

Um, the more that I have seen the FinTechs and then the other side of

it, whether it be the corporation or the financial institution,

there is such a great opportunity.

And some of those opportunities come by sitting down and

just having conversations.

And that happened at dinner the other night as we were talking about

an idea, which originally I thought was going to go down one path.

And then I was talking to a banker.

And they brought something up that I never thought about because, you know, I

don't spend time in that space anymore.

Like I used to, and I thought, okay, we need to pivot.

I think the ability to pivot, which I always felt the ability

to pivot is critical to those that are incredibly successful versus

those who are just successful.

If you can pivot and you pivot well, I, I think that is the

key to long term success.

So that would be my advice is collaborate and be willing to pivot.

So you, you mentioned the collaboration makes a ton of sense.

I mean, uh, the, the broader you make your circle, the more things you learn

about, the better your perspective grows and gives you different insights.

The piece that I, I find interesting is, you know, you're not the first

person that said be able to pivot.

But, but what I'd like to understand from your perspective is.

How do you know when to pivot?

How do you know that that's the way you need to pivot?

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I think the way you know to pivot.

is I think some of it is instinct, which obviously you can't teach, but

I think a lot of it is surrounding yourself with a really good network

that's not afraid to tell you.

I think you're looking at that incorrectly.

Some people surround themselves with people who just say, you're amazing.

That was great.

You know, you're just the best at what you do.

I think having someone in your inner circle who isn't afraid to challenge

you will help you know when to pivot.

And, and then being open to that challenge, right?

And talking through it.

And I'm always one of those folks that say, listen, it's

okay to agree to disagree.

At the end of the day, someone has to be the leader that makes the final decision.

But I do like being around people who are okay.

If I say, listen, we'll do that.

But it's okay to disagree on that.

Because I.

Okay.

I really think we should go this way.

And I think just having your voice heard and having someone take a step

back, but they're still confident that they feel they're going the

right way, that's something you respect as well at a great leaders.

But I think that ability to have people in your inner circle that challenge you,

I think that helps lead to quicker pivots.

I mean, COVID is a great example, right?

I was working at a, uh, a core processor at the time on the card services EFT side.

And when COVID hit, you know, all of a sudden, all of our clients went from going

to offices every day to being remote.

Well, I had worked remote for 20 years at that point.

I'd been sitting at my home computer.

So I'm like, I was remote before it was cool.

And I remember saying, we have to pivot on how we deliver.

We have to do more Teams calls.

You have to be on video now.

Because you don't have the luxury of getting to know people by

sitting across from them at a table or a lunch or a dinner.

And so I was like the first leader to say, all calls going forward, you

need your video on because that's how we're going to get to know and

deepen relationships with our clients.

And, and that was a pivot because we could have done the traditional way and

just used our cell phones to make phone calls or, you know, send a text message.

But that personal relationship was lost when we went remote.

Because people couldn't see you.

And someone said, yeah, but my clients don't put their videos on.

And I said, that's okay, because they still see you.

And we're trying to build a relationship.

So you being present is important.

And eventually what happened, clients started turning their cameras on.

And what do you always hear?

I'm not really camera ready, but since you have your camera on, I'll turn mine on.

So I think that's a great example of a good pivot.

It's interesting you bring that up because even yesterday, I had a call

scheduled with a client and we're, we're sitting there and I'm, I'm, I'm waiting.

And then his partner comes on and he and I are sharing video.

And then the other gentleman hops on and he's like, I'm so sorry.

I couldn't get the video to work.

So I just dialed in by my phone.

Can you help me figure out how to get the video on?

Yeah.

So I think that is so interesting to see

that pivot that has happened.

Yes.

Um, and these are, these are new people to the industry.

I mean, these are, these are folks that I've worked with for decades.

And that have made that position, that transition to have that, that closer one

on one relationship to be part of it.

So I love that perspective and especially that example.

Len, we've, we've hit on a bunch of things today.

One thing that, that I wanted to talk about that I kind of skipped over

and, and, I was sitting here thinking I wanted to kind of go back to it.

When you look at the checkout lockbox products, can you give me in the audience,

an example of how it works, what it means, and maybe from your perspective, how.

How checkoffs doing it differ?

Sure.

We, we focus on six levers.

So six different outcome product offerings.

What I've tried to do is kind of bundle the offerings into comprehensive

solutions so that our clients can go out to market and solve for

prospects that they're trying to do.

You know, convinced to, to do business with them or their existing clients.

So the traditional lockbox, which most people are familiar with, like

you, you pay your utility bill.

It goes to a P.

O.

box.

Somebody behind the scenes is opening and processing that.

We do that at 11 different locations throughout the United States.

We have people at all 11 that take pride in, in that process.

And then that money shows up in your account.

So that's, that's like the traditional, One of the legacy offerings.

Then we innovate from there.

And that's where that intercept bill payment check that I talked about,

we call it catch where we catch that check from your bill pay service.

We turn it into an ACH.

Normally that check would have literally went to the U S postal

system and came to the lockbox and been processed by one of our people.

Now, we've innovated to say we can catch that bill paycheck by working with

biller networks and convert that to ACH.

Um, the other kind of comprehensive solution for businesses, businesses want

their customers to be able to pay online.

You know, we have a generation, my kids are in that generation that they

are, you know, whether it be P2P or online payments with their debit or

credit card, or they just set up their ACH to have their account debited

every month on a recurring bill.

That, that is a necessity of running a business these days.

So we have that online portal as well.

We call that online payments.

We also have, um, traditional what people call, um, merchant services where a

small business needs to accept cards.

And so whether it be Visa, MasterCard, Discover, American Express.

It allows their clients to make their payment at the preference

they want in person, online, whatever that, that status may be.

Um, and then we also have where our clients can actually consume our software.

So you might want to be check alt at your business.

And so basically you can use our software as a service to, to basically run your own

lock box, intercept bill payment checks, have an online portal for your businesses.

So.

Those six lovers are kind of our, you know, bread and butter at Checkult.

But what I think differentiates us is I try to bundle them

together into solutions.

And like in the financial services segment, I really look at how can I

help the financial institution solve?

Do they need deposits because their loan growth is going through the roof?

Well, I think our treasury management solution can help grow deposits by

going out and entering new verticals.

We talked about medical.

I love medical as a vertical.

If you're not in it, HOA, great business for financial institutions.

Um, corporate America, small business.

So how can we help you gather new clients to help meet your needs?

And then also from a financial institution side on the six levers, we

do what's called ATM image processing.

So if you go to an ATM and deposit a check, we actually

convert that check to an image.

Back in the good old days when I was a banker, we literally once a day

go out to the ATM, pull the checks out of there, go into the branch

and manually deposit those checks.

Um, there were like shared networks and a lot of different things.

Now it's all innovation.

So, that's sort of in a nutshell what we do, but I like to think what we really do

is we help solve problems with creative solutions in probably a very traditional

space, but in a way that innovates partners with FinTechs to bring like

what I call the value add to the table.

Things like the black web, right?

The dark web with check fraud or Innovation around maybe risk

scoring, checks, um, so those are the kinds of things that are on

the table that we keep exploring.

And I would say the one thing I've noticed since I've been at CheckVault

is we never say never, and we never stop innovating and working.

So that's a, it's really refreshing.

We've talked about a lot today, Lynn, is there

anything that that we've missed?

Um, or just a message that you want to, to share with the audience that

really helped them understand what's going on and what they can do.

Sure.

I mean, I think the main message, which, you know, someone

probably had to say to me when I started here is checks aren't going anywhere.

Um, if you do business with checkout today, we're incredibly grateful

for that partnership and we'd love to know how we can help you grow.

And if you don't do business with Checkult today, I'd love to chat with you because

I think we have a first class offering.

I think we have an incredible team led by amazing leadership and I really think

we can help transform businesses, whether it be a financial institution or a

FinTech, um, or a commercial business or a nonprofit or a doctor's office or HOA.

Um, you know, we, we are willing to partner up with anybody, but really do

want to look at a partnership on how we can both make each other successful.

Well then I appreciate that.

I'm excited to see all the things that are going on here at Checkout.

What I'm going to go ahead and do is I'm going to put links to get ahold of Lynn

and the rest of the team at CheckAlt down in the description and in the show notes.

So you guys will be able to get a hold of that really, really easily.

And this has been really exciting to be able to spend a couple of days

with you and the team to really get to understand what's going on here.

And I really appreciate the person that I'm meeting.

Well, the pleasure is all ours and it really has been a treat to get

to know you and spend some time together.

I appreciate you coming to Miami.

Could have had warmer weather, but we did okay.

Weather was fantastic.

Well, at least it turned out today.

But Lynn, thanks so much again.

And, uh, look forward to seeing what you guys do.

Thank you.

Thank you very much.

I appreciate the time today.

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