In this episode of FinTech Confidentials, host Tedd Huff talks with Shai Stern, CEO of CheckAlt, about enhancing the efficiency of payment processing. Shai shares insights from his background in financial services and explores CheckAlt's strategies for improving the handling and processing of checks in a digital age. They tackle misconceptions about the obsolescence of checks and introduce CheckAlt’s initiatives to keep payments digital when possible, reducing the need for physical checks.

 Shai Stern, CEO of CheckAlt, shares insights on enhancing payment processing efficiency by improving the handling of checks and integrating new technologies. He highlights the importance of automation for smoother customer transactions and the company's initiatives to keep payments digital, thereby reducing the need for physical checks. Stern also offers advice to fintech entrepreneurs, emphasizing the importance of support from loved ones and staying open to feedback for continuous improvement, underscoring CheckAlt’s role in advancing the future of payments.

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Key Highlights:

• Shai Stern Spills the Beans: The Truth About Checks!

  • Discover what Shai Stern has to say about the common myth that checks are a thing of the past. Learn how billions are still used and why they remain important in today’s payment world.

  Unlocking the Secrets to Faster Payment Processing!

  • Hear directly from Shai as he explains how CheckAlt has made paying with checks faster and easier than ever before without sacrificing security or efficiency.

  The Catch Solution: A Game-Changer for Online Payments!

  • Find out how CheckAlt’s Catch solution is keeping more payments digital and reducing the need for paper checks, making transactions smoother for everyone involved.

  How Automation is Changing the Game in Payment Processing!

  • Shai discusses the pivotal role of automation in payment processing, improving accuracy and customer satisfaction.

  Shai’s Top Advice for Fintech Entrepreneurs!

  • Gain insights from Shai Stern’s experiences and learn his top advice for upcoming entrepreneurs in the fintech space.

  CheckAlt’s Strategy for Staying Ahead in the Payment Industry!

  • Explore CheckAlt’s strategies for adapting to changes in the payment industry and how they plan to continue leading the market.

  Building a Winning Team: Shai Stern’s Approach to Leadership!

  • Learn about the qualities Shai Stern values in his team and how a strong collaborative spirit has propelled CheckAlt to success.

  Why Checks Are Here to Stay!

  • Shai Stern breaks down the reasons why checks are still a vital part of the financial ecosystem and how CheckAlt is working to enhance their use.

  Big Plans Ahead: CheckAlt’s Future in Fintech!

  • Shai shares exciting future plans for CheckAlt, including further development of their payment technologies and solutions.

  Success Against the Odds: CheckAlt’s Story of Perseverance!

  • Get inspired by how CheckAlt has flourished despite tough competition, proving that strategic focus and dedication can lead to impressive results in fintech.

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Takeaways:

1️⃣ "Are Checks Really Outdated? Shai Stern Reveals All!"

Contrary to popular belief, Shai Stern explains why checks are still a crucial part of today's financial transactions and debunks myths about their demise.

2️⃣ "CheckAlt's Secret Weapon: The Catch Solution Explained!"

Learn about CheckAlt's Catch solution, which aims to minimize the use of paper checks by keeping bill payments online, streamlining processes, and enhancing security.

3️⃣ "How Automation Is Transforming Payment Processes!"

Shai highlights the transformative impact of automation in speeding up payment processes and increasing efficiency, ensuring customer transactions are smoother than ever.

4️⃣ "Shai Stern's Essential Advice for Fintech Startups!"

Shai shares invaluable tips for fintech entrepreneurs, emphasizing the importance of robust support systems and openness to continuous learning and adaptation.

5️⃣ "The Future of Fintech: Where Is CheckAlt Heading?"

Get a glimpse into CheckAlt's future plans, which focus on further developing their technologies and solutions to stay ahead in the fast-evolving payment industry.

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 Profile for Shai Stern: https://www.linkedin.com/in/shaistern1

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Time Stamps:

This is a Production of Diamond D3, Media

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About The Guest:

Shai Stern, Co-chairman and CEO:

Mr. Shai Stern is the co-chairman and CEO of CheckAlt, the largest independent provider of treasury and lockbox solutions. He has played a pivotal role in the company’s growth through strategic acquisitions, including ERAS from Diebold, Inc. in 2014, Klik from MUFG Union Bank in 2016, and U.S. Dataworks from The Bankers Bank of Oklahoma in 2020. Mr. Stern is an influential figure in the fintech space, serving on the board of Bankjoy and having been a lead investor at Double Beam, Inc., where he facilitated the company’s acquisition of Gopago from JPMorgan in 2013 and led its subsequent sale to Verifone. His prior roles include serving as CEO and co-chairman of Vintage Filings, a New York-based EDGAR filing firm, until its acquisition by PR Newswire in 2007 and later sold to Wolters Kluwer in 2016. He also served as co-chairman of Vcorp Services. His extensive experience and leadership have significantly contributed to the fintech industry, particularly in areas of payment processing and digital transactions.

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.

About the Host:

Tedd Huff: Tedd Huff is the Founder of Voalyre, a professional services advisory firm focused on global payments and DD3 Media.

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

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