from integration to innovation: how DoubleCheck is shaping the future of finance

“Jack Henry™ became an extension of our technology team,” says Joel Schwartz, CEO at DoubleCheck Solutions, Inc. “Their commitment to both time and resources allowed a true strategic alliance to form – bringing the DoubleCheck technology to market.”

Founded in 2013, DoubleCheck is on a mission to revolutionize the banking industry and empower accountholders to take control of their financial futures.

The Austin-based fintech provides full transparency and control – alerting accountholders of overdraft and NSF transactions with ample time to intervene, reprioritize (pay/return) decisions, or use alternate methods to cover the deficit – helping accountholders avoid late fees and negative financial consequences.

Created to address and transform outdated overdraft practices imposing undue stress on consumers, SMBs, and financial institutions alike, DoubleCheck is redefining the banking experience for a brighter, more equitable, and financially secure future for everyone.

forging a game-changing alliance

“Jack Henry has been an absolute game changer!” exclaims Schwartz.
“Because of Jack Henry’s openness to new technologies, providing support to make those new technologies happen, and seriously committing time and resources to the process, we’re able to bring our solution to market and improve the lives of accountholders as well as improve business processes for financial institutions.”

Not all integration operations have to be difficult, time-consuming, and expensive.
Providing fintechs and developers with self-service tools and resources, Jack Henry enables fintechs to quickly and easily integrate their technology. By taking advantage of Jack Henry’s open APIs, fintechs can quickly build and test integrations using their programming language of choice in the sandbox environment – with no barriers to progress.

“Jack Henry has provided an amazing amount of support to us as a fintech. They go above and beyond to make new services available to their financial institutions and in turn, to their end- users. We’ve found them to be as concerned with our business as they are with their own,” states Schwartz.

pioneering integration excellence

“Jack Henry made the integration process possible,” notes Schwartz.

In fact, DoubleCheck faced many challenges connecting with a core provider willing and able to integrate the fintech’s cutting- edge technology into areas of the core that were not normally exposed via API.

“When we contacted Jack Henry, they immediately worked with us to integrate the DoubleCheck service in a smooth and efficient manner,” shares Schwartz.

Fully integrated with Jack Henry and Banno™ platforms, DoubleCheck is leveraging the Jack Henry technology ecosystem to offer accountholders a seamless experience via a single login – providing full transparency and control of NSFs and overdrafts, delivering a better, frictionless accountholder experience, and ultimately leading to higher app adoption and usage.

“Our integration with Jack Henry and Banno allows accountholders to easily and conveniently log in with the same credentials they use for their online and mobile banking app,” says Schwartz. “There’s no need to download a new app or create another username and password.”

Since integrating with Jack Henry, DoubleCheck has experienced significant improvements in operational efficiency as well.

“One major enhancement has been the effective segregation of daily tasks, ensuring today’s work is not co-mingled with tomorrow’s, even though our processes span a two-day cycle,” explains Schwartz.

“This has streamlined our workflow and reduced potential errors, helping us mitigate risks by creating automated processes that manage and release holds, enhance the security of our operations, minimize potential disruptions, and allow us to focus on delivering high-quality services to our clients.”

Schwartz continues, “Another key improvement is the automation of our settlement processes. By eliminating the need for manual entries, Jack Henry has simplified our procedures and reduced the risk of human error.”

DoubleCheck, like many other fintechs, can integrate with Jack Henry to directly deliver their solution to hundreds of financial institutions and their accountholders.

“In addition, having a dedicated Jack Henry specialist to oversee our implementations has provided us with invaluable support and expertise, making for a smoother and more efficient process,” notes Schwartz.

revolutionizing financial health

“Our integration with Jack Henry has opened a window of financial responsibility and control that accountholders have never experienced before,” states Schwartz.

“Not only are accountholders made aware of a negative situation, but now they’re empowered to change the course of a financial disaster, keep their credit score from getting damaged, and maintain good relations with merchants.”

With DoubleCheck, accountholders can manage their financial health proactively – significantly enhancing their financial stability and fairness. This advanced system offers real-time insights, helping accountholders not only respond to issues but also anticipate and prevent potential problems before they arise.

“In fact, Jack Henry plays a huge role in our financial wellness initiatives,” adds Schwartz.

“Our goal is to provide a comprehensive tool that doesn’t just react to financial challenges but also equips users with the knowledge and resources they need to make informed decisions – ultimately leading to a more secure and balanced financial future.”

Schwartz goes on to say, “I see Jack Henry continuing to expand their arsenal of tools, processes, automation, and other technologies that will not only help consumers and businesses but will help every financial institution that uses their platforms and solutions.”

enhanced efficiency, transparency, and financial fairness

Since their integration with Jack Henry, DoubleCheck users have reported dramatic improvements in many areas, including transparency and control over their NSF and overdraft items, reduced fraud losses to end-users and financial institutions, improved accountholder loyalty, new efficiencies in back-office processing, and enhanced operational efficiency.

“Our users have experienced a dramatic reduction in third-party fees, while business clients have harnessed DoubleCheck to streamline their cash flow management,” explains Schwartz. “Financial institutions benefit as well, with enhanced capabilities to meet evolving regulatory requirements – mitigating the risk of fines and penalties and creating a more balanced and secure financial environment for banks, credit unions, and accountholders.”

“Notably, not a single financial institution has reported a decline in non-interest income since implementing DoubleCheck,” says Schwartz.

award-winning innovation

In honor of their innovative use of technology to enhance the banking experience for users, banks, credit unions, and accountholders, DoubleCheck has been named one of two inaugural winners of the Jack Henry Cobalt Awards in the Integrator category.

The Jack Henry Cobalt Integrator Award recognizes fintechs bridging the gap between service and technology delivery. Unique to the industry, the Cobalt Awards celebrate the outstanding achievements of banks, credit unions, and fintechs alike, and their dedication to people and communities, passion for innovation, and commitment to reducing barriers to financial health for consumers and businesses.

looking to the future

Through a series of innovative initiatives designed to set people up for short- and long-term financial health and success, DoubleCheck’s ongoing commitment is to improve financial stability and success through continuous improvements and tailored solutions.

“Our roadmap is packed with enhancements designed to increase transparency and control for our users,” notes Schwartz. “Flexible liquidity options, more configurable fields, enhanced reporting, improved accountholder validation, and fraud prevention tools are just some of the initiatives we have planned to make it easier for individuals and businesses to access necessary funds quickly.”

Demonstrating their dedication to fostering a more robust and equitable financial ecosystem, DoubleCheck’s efforts empower consumers and businesses to navigate their financial landscapes with greater confidence and ease – solidifying their well-deserved recognition as a 2024 Cobalt Integrator Award recipient.

“To those thinking about integrating with Jack Henry, you could not pick a better ally. Jack Henry makes it possible for fintechs to bring innovative technologies to financial institutions that would otherwise miss out,” concludes Schwartz.