In response to the evolving regulatory landscape surrounding account closures and fund disbursements, leading financial technology companies Eisen and Checkbook have joined forces to introduce Disbursement Hub—a groundbreaking solution designed to streamline payment disbursements and ensure compliance with consumer protection regulations.
The Consumer Financial Protection Bureau (CFPB) has heightened its enforcement efforts, placing a spotlight on the prompt handling of refunds when accounts are closed. Failure to act quickly can result in significant penalties, making it imperative for financial institutions to align their processes with regulatory requirements. Disbursement Hub offers a comprehensive solution to assist institutions in navigating the complexities of account closures and fund disbursements efficiently.
Eisen is building the future of account offboarding across the three critical phases of closing customer accounts—Outreach, Disbursement, and Escheatment—with a focus on meticulous attention to detail and adherence to regulatory timelines. Eisen chose Checkbook to power Disbursement Hub to replace manual workflows, reduce errors, save time, and ensure timely compliance with regulatory guidelines.
“Together with Checkbook, Eisen is setting a new standard for account offboarding by providing a solution that supports massive scale operations on a moment's notice. Our strategic partnership is a crucial step to help financial institutions navigate the complexities of compliant offboarding and consumer protection, without dedicating an entire team to manage the process.” - Allen Osgood, CEO of Eisen.
“We are thrilled to partner with Eisen to solve this industry problem and enable Financial Institutions to not only seamlessly disburse payments for account closures, but also monitor those funds, and escheat them compliantly as necessary. We look forward to working hand-in-hand with Eisen to continue to innovate on best in class solutions.” - Aditya Raikar, VP of Partnerships, Checkbook.
One of the key features of the Disbursement Hub is its ability to facilitate an easy, simple way for banks and fintechs to mass disburse payments in an expedited and scalable manner on short notice. If any payments remain uncashed, Eisen monitors them for escheatment and ensures compliance with state laws.
The collaboration between Eisen and Checkbook exemplifies innovative thinking in response to the demands of the financial industry and regulatory landscape. By introducing Disbursement Hub, the two companies are setting a new standard in financial transaction management, providing institutions with a powerful tool to navigate complex challenges, such as closing millions of customer accounts nationwide.
The launch of the Disbursement Hub signifies a significant milestone in reshaping the landscape of financial disbursements, offering financial institutions a robust system to enhance operational efficiency, ensure compliance, and provide superior service in the rapidly evolving world of fintech.
For media inquiries and further information about the Disbursement Hub, please contact Eisen at contact@witheisen.com or Checkbook at partnerships@checkbook.io.
About Eisen:
Eisen offers account offboarding solutions for financial institutions, streamlining compliance with the outreach, disbursement, and escheatment requirements of closing accounts.
About Checkbook:
Checkbook is an innovative payment technology company that offers a versatile and embeddable platform. This platform helps businesses simplify their disbursement process and scale their payouts. It focuses on digital payment solutions that are easy to use and efficient.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516639064/en/
Contacts
Eisen
contact@witheisen.com
Checkbook
partnerships@checkbook.io
