CheckAlt, LEVERAGE Collab on CU Loan Repayment

In today’s major news in digital-first banking, CheckAlt is collaborating with LEVERAGE Payment Solutions to address challenges in supporting indirect lending, while Cross River Bank has reportedly entered into preliminary discussions with potential suitors for raise about $200 million. Additionally, Wells Fargo would close personal lines of credit as part of a change in direction.

CheckAlt, LEVERAGE Payment Solutions Team on CU Loan Repayment

CheckAlt, which equips banks and credit unions (CUs) with loan payment and item processing solutions, is partnering with LEVERAGE Payment Solutions. Borrowers can make loan repayments anytime from anywhere with CheckAlt’s LoanPay offering. “We are excited to be able to help LEVERAGE Payment Solutions better serve credit union members to address a historic issue in the loan repayment space,” said Allison Murray, Chief Growth Officer of CheckAlt, in a statement.

Cross River Bank seeks to raise $200 million from investors

Cross River Bank is said to be in preliminary talks with potential suitors regarding raising around $200 million. The effort could lift the Fort Lee, New Jersey-based lender’s valuation to $2.5 billion or more, according to a published report. The terms of the funding cycle are not set in stone and could end up being different, according to the report. Cross River Bank’s parent company, CRB Group, recently purchased PeerIQ, which is a data and risk analytics company.

Wells Fargo eliminates individual lines of credit

Wells Fargo is closing personal lines of credit as the financial institution (FI) prepares to drop the bank offer, according to a published report. “Wells Fargo recently reviewed its product offerings and has decided to stop offering new personal and wallet line of credit accounts and to close all existing accounts,” the bank said in a letter, according to the report. The action aims to let the FI shift its focus to personal loans and credit cards.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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