Catalyst Corporate has announced a lockbox service for natural person credit unions that aims to provide them with a secure and affordable method for processing a range of payments, said Karen Coble, a Catalyst vice president.
The core aim is to free credit unions from the time-consuming process of handling loan payments. “Our intention is to add back office efficiencies to our credit union members,” said Coble in an interview. She added that Plano, Texas-based Catalyst expected to sign up perhaps 25% of its members for this service – “It could go higher,” said Coble, who indicated fees would be based on volume.
To Coble's knowledge, no other corporate presently offers a lockbox service except for Western Bridge. “Our members are mainly doing this internally now,” she said.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
