Checkbook Joins J.P. Morgan Payments Partner Network

Payments is a long term game.

Took a while for Paper Checks to go away from consumers' lives but they are still widely prevalent in some of the legacy businesses. The Federal Reserve recorded $21 Trillion (yes, Trillion )? of payment volume going through paper checks in 2021-22

Today, Checkbook has officially joined the J.P. Morgan Payments Partner Network. This is a big leap forward in getting rid of all paper checks and bringing the remaining payments in the digital age

Why this should matter to you:

The seamless ability to send digital checks which can be cashed with any of the modern payment rails leaping to faster payments is the final nail in the coffin for paper checks. As we introduce it on J.P.Morgan Payments Partner Network, we're taking it to the next level.

?? If ACH is available why do I need Digital Checks ?

ACH requires you to get the recipient’s bank account number before you can send the payment. Being able to send a payment digitally without having to onboard a payee and getting their bank account number is a huge convenience.

?? What Are Digital Checks and how do they solve the problem of getting the bank account number for the recipient ?

Think of digital checks as the modern, secure evolution of paper checks, delivered in real-time.

You can send a Digital Check with just an email address or phone number - no need for a bank account number.?

They're faster i.e. delivered in real-time, more convenient, and offer recipients flexibility in receiving their money. With Checkbook's platform, businesses can streamline their payment sending process, allowing recipients to deposit them using any of the faster payment rails Checkbook provides or simply print checks at home and scan the image. No more waiting for mail or bank trips!

?? Key Benefits:

1. No bank account number or details needed: Unlike ACH a Digital Check does not require the Payor to onboard the recipients to collect their bank account number
2. Use Existing Accounts: J.P. Morgan clients can send digital checks directly from their bank accounts— minimal setup required.
3. Customization: Add your company logo and brand colors to your digital checks for consistent branding.
4. Instant Delivery: Digital checks are delivered instantly and tracked online, perfect for time-sensitive payments.
5. Cost Savings: Eliminate costs associated with paper checks—paper, ink, envelopes, postage.
6. Environmental Impact: Reduce paper waste and align with sustainability goals.
7. Enhanced Security: Benefit from the robust security measures of Checkbook and J.P. Morgan.

?? How It Works:

Manage your payments through our user-friendly dashboard or integrate our system via API for detailed tracking and reporting. It's like having a GPS for your money!

?? Practical Applications:

Almost any use case involving sending large number of payments is fair game. Whether you're sending thousands of rebate checks, paying contractors nationwide or handling insurance claim payouts or really any time where you need to send a large number of payments, digital checks offer a quick and efficient solution.

?? Ready to Transform Your Payment Processes?

If you're interested in learning more about Checkbook and our digital check solutions, reach out to us! ?? About Us

Checkbook is revolutionizing the way businesses send and receive payments. With just an email address or phone number, send payments without the hassle of account creations or app downloads. Welcome to the new era of digital payments.?

Learn more about how we're driving payment innovation ?? https://checkbook.io

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