Fintech leaders Eisen and Checkbook have unveiled the Disbursement Hub, a pioneering platform aimed at transforming the way financial institutions handle account closures and fund disbursements.
This innovative solution arrives amidst an increasingly stringent regulatory environment, particularly with the Consumer Financial Protection Bureau (CFPB) intensifying scrutiny over the timely processing of refunds upon account termination.
The Disbursement Hub emerges as a comprehensive tool, meticulously designed to streamline payment processes and ensure adherence to consumer protection laws. It addresses the entire spectrum of account offboarding, including Outreach, Disbursement, and Escheatment, with Eisen at the helm of its development.
The collaboration with Checkbook empowers the platform to automate and refine workflows, thereby minimizing errors, conserving time, and facilitating regulatory compliance.
Allen Osgood, CEO of Eisen, remarked, “In partnership with Checkbook, we’re redefining account offboarding standards, enabling large-scale operations to be executed instantly. This strategic alliance is pivotal for financial entities to manage compliant offboarding and consumer protection efficiently.”
Aditya Raikar, VP of Partnerships at Checkbook, expressed enthusiasm about the collaboration, stating, “Our joint efforts with Eisen aim to resolve a critical industry challenge, allowing financial institutions to disburse and monitor closure payments, and ensure compliant escheatment when needed.”
A standout feature of the Disbursement Hub is its capability to enable banks and fintech companies to distribute payments en masse, swiftly and on a large scale, even at short notice. Eisen also oversees the monitoring of unclaimed payments, guaranteeing compliance with state escheatment laws.
The strategic alliance between Eisen and Checkbook signifies a forward-thinking approach to the financial sector’s demands and regulatory framework. The launch of Disbursement Hub sets a new benchmark in financial transaction management, equipping institutions with a robust mechanism to tackle complex issues like the closure of millions of customer accounts across the nation.
The introduction of the Disbursement Hub marks a significant advancement in the financial disbursement domain, offering a potent system that enhances operational efficiency, ensures regulatory conformity, and delivers exceptional service in the dynamic fintech landscape.