Case Study: Lincoln Savings Bank streamlines high-volume digital check payments with Deluxe Payment Exchange

Financial institution powers fintech clients with Deluxe Payment Exchange (DPX)

Lincoln Savings Bank, a fintech partner bank of record, needed a better way to handle high-volume check payments for its fintech clients. The bank wanted to reduce the cost, time, and fraud risk of manual paper checks while also making it easier for payees to receive funds without entering sensitive financial information. Deluxe Payment Exchange was the product used to address these challenges.

By implementing Deluxe Payment Exchange from Deluxe, Lincoln Savings Bank was able to digitize its check issuance process, integrate with Positive Pay, and simplify onboarding for both employees and fintech clients. The bank says tasks that once took days or weeks now take minutes, physical checks that took about 42 seconds each are reduced to seconds, and almost half of eChecks are cashed the same day they are sent. Deluxe also helped lower mailing costs and improve speed, flexibility, and trust in the payment process.

Lincoln Savings Bank

Mike McCrary

First Vice President, Relationship Manager