Transcard has launched a multi-party lienholder payment solution that digitizes and streamlines the traditionally slow check endorsement process. Developed with input from leading insurers and banks, the solution accelerates payouts, enhances visibility, and improves customer experiences. Part of Transcard's SMART Suite, it integrates seamlessly with existing systems for secure and efficient B2B and B2C payments.
CHATTANOOGA, Tenn., Jan. 23, 2025 /PRNewswire-PRWeb/ -- Transcard, a leader in payment orchestration, announces an industry-leading multi-party lienholder payment solution. Created with input from several prominent insurers and lienholders, the solution streamlines the multi-party payment process when a lienholder is involved, digitally transforming the payment experience for all parties involved.
Transcard's solution replaces the slow, cumbersome process of waiting on a lienholder to endorse a multi-party check to access money. Payouts are facilitated electronically with digital documents, reviews, and endorsement signatures, resulting in faster payments and an improved customer experience. The fully automated payment solution supports straight through processing with enhanced visibility for insurance companies. Claimants will benefit from faster payouts, status visibility, and payment method optionality.
In September 2022, Transcard spearheaded an industry initiative to simplify and digitize multi-party lienholder payments to solve the industry pain point. Gathering industry professionals and experts from leading insurers, large banks, and fintechs, Transcard created a consortium. First-hand experiences were shared by top ten insurers and leading US banks weighed in on the lengthy check endorsement process. The consortium held a series of meetings over the course of three months to discuss the current process and Transcard gathered solution requirements to fix it.
"We are thrilled to finally bring our multi-party lienholder payments solution to market. Designed in collaboration with major insurers, mortgage servicers, and banks, we look forward to transforming the current lienholder endorsement process to an improved digital experience that reduces weeks to minutes," said Hodgen Mainda, Executive Vice President, Insurance.
The multi-party lienholder payment solution is part of Transcard's SMART Suite, a family of embedded payment solutions. The solution set agnostically embeds within a customer's ERP or core system and connects to existing bank accounts supporting the orchestration of B2B and B2C payments for businesses of all sizes.
About Transcard
Transcard offers comprehensive global payment orchestration solutions for banks, fintechs, and businesses. Our embedded payment solutions enable seamless transactions, collaboration, and data sharing with customers and suppliers worldwide.
Transcard's solutions combine multi-rail capabilities, embedded workflows, system of record integration, effortless reconciliation, and bank-grade security to support B2B and B2C payments for businesses of all sizes. Streamline financial operations with digital payments, monitor real-time activity, reduce fraud risk, and improve customer and vendor experience with an all-in-one payment portal.
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