Grand Rapids-based VerifyValid is a business to business digital check “payment-enablement system.” Photo via fb.com
The Michigan Bankers Association in Lansing is endorsing the use of VerifyValid LLC, an electronic payment business based in Grand Rapids.
VerifyValid has coincidentally also been named a finalist for a PYMNTS.com Innovator Award.
The MBA said VerifyValid is “poised to transform how businesses and banks use and accept checks.”
“VerifyValid revolutionizes the entire payment process by modernizing the check. With VerifyValid, a check can be deposited either as a paper item or an entirely digital entity — so payments originate and remain in the banking system throughout the whole process. It is the wave of the future,” said Matt DeWolf, executive vice president of MBA.
DeWolf added that no additional equipment is needed, and the VerifyValid system fills a need in the market as customers turn to technology for making payments.
VerifyValid allows a bank customer to make and receive check payments entirely online, utilizing a virtual lockbox and virtual remote deposit capture system, or allowing recipients to print the check on plain paper.
The VerifyValid technology uses existing payment channels and adds “unprecedented electronic security measures” according to MBA.
VerifyValid “will increase efficiency for banks and commercial customers, and we are delighted to have been recognized as an MBA Endorsed Partner,” said Paul Doyle, co-founder and president of VerifyValid.
With it, banks can offer their business customers a remote deposit capture service that does not require a check scanner, no software installation and no maintenance or service calls, according to Doyle.
The VerifyValid system complies with industry standards and formats approved by the Federal Reserve Bank to combine check images and related check information into a single file.
VerifyValid has been named by PYMNTS.com as one of five finalists for a 2013 Innovator Award in the Best Check Innovation category. Winners will be announced at the Innovation Project event at Harvard University on March 21.