ExcheQ, the peer-to-peer payment app developed by Twin Cities-based North American Banking Company, launched August 1.
The app, which had been under development for several years, got a significant boost in February when North American teamed with United Bankers’ Bank, Bloomington, Minn., to offer ExcheQ to UBB clients.
ExcheQ LLC., is jointly owned by NABC, UBB, and Design Center Inc., a St. Paul, Minn.- based software development company.
“ExcheQ uses same‐day ACH payment‐processing, enabling community bank customers to quickly and securely send money to family, friends and coworkers,” says Michael Bilski, North American Banking Company’s CEO. Bilski is also chair of the U.S. Faster Payments Council, whose mission is to facilitate a world class payment system.
“We’re excited to introduce a P2P solution that is designed, developed and priced especially for community banks,” said John Peterson, UBB’s interim president and chief marketing officer. “We feel the ExcheQ app is a safe, simple and cost effective solution that will assist community banks in expanding their payment offerings, strengthening their customer retention and acquisition strategies, leveling the playing field with credit unions and larger institutions to ultimately remain competitive in the markets they serve.”
Banks that offer the app receive access to professionally designed and customizable marketing materials along with live, personal, technical support. UBB is currently enrolling banks on the ExcheQ platform.