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.

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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.

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Takeaways:

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.

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

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

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Time Stamps:

This is a Production of Diamond D3, Media

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About The Guest:

Lynn Dufrane | CheckAlt | Executive Director of Sales :

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.

Lynn is also an active member of the NWTC Educational Foundation Board and has served as President of the M&M Area Community Foundation, demonstrating her commitment to community service. She holds a BS in Communication from Concordia University-Wisconsin, an AA in Business from the University of Wisconsin-Marinette, and is a proud graduate of the University of Wisconsin Graduate School of Banking, where she was recognized in the top ten percent of her class.

Known for her dynamic and enthusiastic approach, Lynn excels in banking, credit management, small business lending, and strategic relationship management. Her vibrant personality and wealth of experience make her a captivating speaker and a valuable resource for the financial sector.

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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