GREENSBORO, N.C.–Vizo Financial Corporate Credit Union said it has entered into a partnership with DoubleCheck Solutions, a fintech it said addresses outdated overdraft and non-sufficient funds (NSF) practices with practical software solutions.
According to Vizo, the partnership will provide its member credit unions with a new service enabling members to manage their NSF transactions before any payments bounce.
“As legislators debate solutions for overdraft relief, Vizo Financial members can seamlessly integrate DoubleCheck’s overdraft and NSF solution into their financial systems, allowing for quick integration across their processing systems,” the corporate said. “Vizo Financial members gain a competitive advantage, regardless of their size, in supporting their members with more transparency and financial freedom in determining how they process overdraft and NSF transactions.”
In addition, Vizo Financial said the partnership will give its member credit unions the ability to provide their members with a real-time notification service to alert them when they have insufficient funds and to prioritize which transactions are paid and which are returned.
Grace Period Provided
“Through DoubleCheck’s cloud-based solution, credit union members are given a grace period during which time they may add funds to their account to cover their overdraft or NSF transactions,” Vizo Financial said. “Through the program, credit unions select the funding options available to their members based on the credit union’s service offerings. Credit union members may have the option to choose to cover their overdraft and NSF transactions with cash, credit card or a third-party payment service.”
As a result, Vizo added, its members will be able to avoid the “ripple effect” of bounced payments ranging from late fees to damaged relationships, and even potential account closures.
“DoubleCheck clearly understands the needs of credit unions. We chose to partner with them because of their technology and ability to seamlessly integrate their system to deliver a proven overdraft and NSF solution across our member credit unions’ networks,” said Jeff Stoner, chief strategy and technology officer of Vizo Financial. “Our members rely on Vizo Financial as a trusted partner to offer the best services to drive their operations, comply with legislation and ultimately meet their members’ financial goals.”
Simmple Integration
Vizo stated that with DoubleCheck’s simple integration process, member credit unions that use the corporate will have the ability to activate the DoubleCheck software rapidly and easily for their members. T
“This capability stems from the members’ platform integration through the Vizo Financial API,” Vizo Financial stated. “Transaction data related to insufficient funds is exchanged in real-time so credit unions and members can see the current status of any pending bounced payments and resolve them instantly.”