Eisen and Checkbook Revolutionize Payment Disbursements with Launch of Disbursement Hub
May 16 2024 - 2:40PM
Business Wire
In response to the evolving regulatory landscape surrounding
account closures and fund disbursements, leading financial
technology companies Eisen and Checkbook have joined forces to
introduce Disbursement Hub—a groundbreaking solution designed to
streamline payment disbursements and ensure compliance with
consumer protection regulations.
The Consumer Financial Protection Bureau (CFPB) has heightened
its enforcement efforts, placing a spotlight on the prompt handling
of refunds when accounts are closed. Failure to act quickly can
result in significant penalties, making it imperative for financial
institutions to align their processes with regulatory requirements.
Disbursement Hub offers a comprehensive solution to assist
institutions in navigating the complexities of account closures and
fund disbursements efficiently.
Eisen is building the future of account offboarding across the
three critical phases of closing customer accounts—Outreach,
Disbursement, and Escheatment—with a focus on meticulous attention
to detail and adherence to regulatory timelines. Eisen chose
Checkbook to power Disbursement Hub to replace manual workflows,
reduce errors, save time, and ensure timely compliance with
regulatory guidelines.
“Together with Checkbook, Eisen is setting a new standard for
account offboarding by providing a solution that supports massive
scale operations on a moment's notice. Our strategic partnership is
a crucial step to help financial institutions navigate the
complexities of compliant offboarding and consumer protection,
without dedicating an entire team to manage the process.” - Allen
Osgood, CEO of Eisen.
“We are thrilled to partner with Eisen to solve this industry
problem and enable Financial Institutions to not only seamlessly
disburse payments for account closures, but also monitor those
funds, and escheat them compliantly as necessary. We look forward
to working hand-in-hand with Eisen to continue to innovate on best
in class solutions.” - Aditya Raikar, VP of Partnerships,
Checkbook.
One of the key features of the Disbursement Hub is its ability
to facilitate an easy, simple way for banks and fintechs to mass
disburse payments in an expedited and scalable manner on short
notice. If any payments remain uncashed, Eisen monitors them for
escheatment and ensures compliance with state laws.
The collaboration between Eisen and Checkbook exemplifies
innovative thinking in response to the demands of the financial
industry and regulatory landscape. By introducing Disbursement Hub,
the two companies are setting a new standard in financial
transaction management, providing institutions with a powerful tool
to navigate complex challenges, such as closing millions of
customer accounts nationwide.
The launch of the Disbursement Hub signifies a significant
milestone in reshaping the landscape of financial disbursements,
offering financial institutions a robust system to enhance
operational efficiency, ensure compliance, and provide superior
service in the rapidly evolving world of fintech.
For media inquiries and further information about the
Disbursement Hub, please contact Eisen at contact@witheisen.com or
Checkbook at partnerships@checkbook.io.
About Eisen:
Eisen offers account offboarding solutions for financial
institutions, streamlining compliance with the outreach,
disbursement, and escheatment requirements of closing accounts.
About Checkbook:
Checkbook is an innovative payment technology company that
offers a versatile and embeddable platform. This platform helps
businesses simplify their disbursement process and scale their
payouts. It focuses on digital payment solutions that are easy to
use and efficient.
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version on businesswire.com: https://www.businesswire.com/news/home/20240516639064/en/
Eisen contact@witheisen.com
Checkbook partnerships@checkbook.io