Grasshopper CEO previews faster check clearance

Digital Grasshopper Bank will roll out an improved check-clearing process this year to streamline the time between depositing a check and gaining access to the funds. Check deposits are “a complicated process in the industry,” Grasshopper CEO Mike Butler told Bank Automation News , noting, Grasshopper is “working toward giving people access to their money a little bit quicker.” The tool, designed to benefit the small business market, will give clients immediate access to their money and reduce the time and risk associated with the backend of clearing the check, Butler said. According to data analytics and credit reporting company Experian , a check typically clears within two business days, but the process can take longer depending on a bank’s policies, the size of the check and when the check is deposited. Some banks, like $ 1.9 trillion TD Bank , make $100 available immediately upon deposit and the rest of the money available the next day, according to Experian. Other banks look to fintechs to help speed up their check-clearing processes. For example, fintech GoCardless helps automate administrative tasks and speed access to funds. Companies using GoCardless services include DocuSign , Plum and Epson . Grasshopper Bank’s Director of Product <a class="fui-Link ___1rxvrpe f2hkw1w f3rmtva f1ewtqcl fyind8e f1k6fduh f1w7gpdv fk6fouc fjoy568 figsok6 f1hu3pq6 f11qmguv f19f4twv f1tyq0we f1g0x7ka fhxju0i f1qch9an f1cnd47f fqv5qza f1vmzxwi f1o700av f13mvf36 f1cmlufx f9n3di6 f1ids18y f1tx3yz7 f1deo86v f1eh06m1 f1iescvh fhgqx19 f1olyrje f1p93eir f1nev41a f1h8hb77 f1lqvz6u f10aw75t fsle3fq f17ae5zn" title="https://finainews.com/allposts/business-banking/grasshopper-bank-tech-leader-to-speak-at-bank-automation-summit-u-s-2024/" href="https://finainews.com/allposts/business-banking/grasshopper-bank-tech-leader-to-speak-at-bank-automation-summit-u-s-2024/" target="_blank" rel="noopener" aria-label="Link Luther Liang"> Luther Liang will speak at Bank Automation Summit U.S. 2024 on Monday, March 18, at 3:15 p.m. CT, in Nashville, Tenn. Get ready for the Bank Automation Summit U.S. 2024 in Nashville on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.

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Grasshopper CEO previews faster check clearance

Tool to give clients immediate access to funds

APWHY? Public APIs, Automation, and The Strategy Banks Are Missing

Fintechs look to megabanks a year after SVB collapse

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