In today’s top digital banking news, CheckAlt is working with LEVERAGE Payment Solutions to address challenges in supporting indirect loans, while Cross River Bank is reportedly in preliminary discussions with potential suitors to raise about $ 200 million. Additionally, Wells Fargo reportedly closed its personal lines of credit amid a shift in focus.
CheckAlt, LEVERAGE Payment Solutions Team on the repayment of the CU loan
CheckAlt, which equips banks and credit unions (CUs) with loan payment and item processing solutions, partners with LEVERAGE Payment Solutions. Borrowers can make loan payments anytime from any location with CheckAlt’s LoanPay offering. “We are excited to be able to help LEVERAGE Payment Solutions better serve credit union members to resolve a historic issue in the loan repayment space,” said Allison Murray, Chief Growth Officer at CheckAlt, in a statement. communicated.
Cross River Bank seeks to raise $ 200 million from investors
Cross River Bank is said to be in talks with potential suitors about raising around $ 200 million. The effort could take the Fort Lee, New Jersey-based lender’s valuation to $ 2.5 billion or more, according to a released report. The terms of the funding cycle are not set in stone and could end up being different, according to the report. Cross River Bank’s parent company, CRB Group, recently bought PeerIQ, a data and risk analysis company.
Wells Fargo Terminates Individual Lines of Credit
Wells Fargo closes personal lines of credit as financial institution (FI) decides to drop the banking offer, according to a published report. “Wells Fargo recently revised its product offerings and decided to stop offering new personal line of credit and wallet accounts and close all existing accounts,” the bank said in a letter, according to the report. The action aims to allow the FI to focus on personal loans and credit cards.