|By Business Wire||
|June 6, 2014 12:01 PM EDT||
Lake Michigan Credit Union (LMCU), a leading Michigan credit union, and the largest financial institution headquartered in West Michigan, today announced that it is partnering with VerifyValid™, the leading provider of electronically-delivered check payments (eChecks), to allow its members to quickly and easily receive, manage and deposit VerifyValid eChecks directly into their accounts.
eChecks combine the speed and convenience of electronic payments with the safety, familiarity, and information of paper checks, and can be sent from any computer, tablet or iOS phone. eChecks are currently used by individuals and businesses, such as Grand Valley State University, one of West Michigan’s largest employers, to pay many of its vendors. Additionally, the rate of eCheck usage is increasing nationally through partnerships between VerifyValid and Deluxe Corporation.
With the number of eChecks in circulation increasing every month, under the new partnership, LMCU members with a VerifyValid eLockbox will have the ability to safely and securely deposit eChecks into their LMCU account.
“EChecks are emerging as a secure payment method of choice for business and individuals, and Lake Michigan Credit Union is committed to offering maximum in convenience and efficiency through the latest online and mobile banking technologies to its members,” said Sandra Jelinski, president and CEO of LMCU. “By working with VerifyValid, LMCU has ensured our members have access to all the convenience, cost savings and security that eChecks provide.”
Financial institutions can offer the VerifyValid eLockbox technology using no new equipment, no software installation, and requires no maintenance or service calls. LMCU can add it to a member’s account in minutes.
“VerifyValid eChecks make life easier for both payors and recipients. They are also safer because they are registered with our fraud prevention service and because they move through financial institutions rather than around them,” said Paul Doyle, founder and CEO of VerifyValid. “Lake Michigan Credit Union’s support of eChecks demonstrates its commitment to improving the lives and businesses of its members.”
VerifyValid helps businesses and consumers accept check payments electronically. This means they get paid quickly and economically while helping fight the risk and costs of other electronic payment types such as credit and debit cards. Every VerifyValid eCheck can be instantly verified using VerifyValid’s free online service. This allows payees and financial institutions alike to confirm that the check is authentic and helps prevent fraud due to forgery or alteration. VerifyValid eChecks are the only checks that come with a pedigree that can be proven at the time of deposit at the financial institution.
Additional information is available at www.verifyvalid.com.
About Lake Michigan Credit Union
Founded in 1933, LMCU is the second largest credit union in Michigan with more than 800 employees, total assets of more than $3.2 billion and more than 283,000 customers. With more $6.3 billion in serviced and portfolio mortgages, LMCU also is one of the largest mortgage originators in Michigan.
VerifyValid™ is giving the paper check, the world’s most-used payment transaction, an online makeover for the 21st century. VerifyValid eChecks allow users to make check payments to anyone; from anyplace they have access to the Internet. Using an unprecedented secure platform and patented fraud prevention technology, VerifyValid can lower an organization’s costs while increasing efficiency, sustainability and financial security. VerifyValid is an IBM Business Partner, a member of the SoftLayer Catalyst Program, and a proud example of the Reinvention of Michigan as it reinvents the payments industry from its home in Grand Rapids, Michigan. For more information, visit www.verifyvalid.com.
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