PECU Adopts CheckAlt’s LoanPay to Automate Payment Processing
Event summary
- PECU, a Texas-based credit union with $435M in assets and 20K members, has selected CheckAlt’s LoanPay solution to streamline loan payment processing.
- LoanPay automates workflows, reduces manual work, and extends payment cutoff times by three hours for borrowers.
- PECU reports measurable operational improvements, including time savings across departments and fewer processing errors.
The big picture
This partnership highlights the growing trend of credit unions modernizing their payment operations to reduce manual work and improve borrower experience. As digital-first solutions become standard, lenders are seeking ways to streamline workflows while maintaining security and compliance. CheckAlt’s LoanPay addresses these needs by offering flexible payment options and reducing errors, positioning it as a key player in the fintech space.
What we're watching
- Adoption Pace
- How quickly other credit unions will follow PECU’s lead in adopting LoanPay, given the operational benefits observed.
- Competitive Response
- Whether competitors of CheckAlt will introduce similar solutions to capture market share in loan payment processing.
- Scalability
- The pace at which CheckAlt can scale LoanPay to support larger financial institutions with more complex payment needs.
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