First Horizon National Corp. (FHN - Free Report) recently announced a partnership with Interchecks to launch a payments platform — ClearPath Fast Payments. This partnership seeks to enable faster and convenient payments that would be more accessible to businesses and customers.
Interchecks, which has emerged as a leading FinTech player in recent years, will collaborate with First Horizon to offer a new and innovative platform to First Horizon’s treasury management clients that will bolster their payments capability and make it more efficient.
Dylan Massey, Interchecks co-founder and CEO, said, “We started with a commitment to offset Wire and ACH payments with Visa Direct in an effort to speed-up funds availability, and the project grew from there. The First Horizon team socialized this service with their clients and found strong demand for an application that gave more efficient payment choices to their payment recipients. We’re happy to do our part to ensure that First Horizon maintains one of the best immediate payment services on the market.”
First Horizon’s management believes that following this partnership, the company will be able to leverage on Interchecks’ capabilities to serves customers better. With the help of this platform, customers will be able to manage their wages, commission payouts, insurance claim payouts and utility payments in a more seamless manner.
Shares of First Horizon have lost 7% in the past three months compared with the 2.6% decline recorded by the industry. Currently, the company carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Banks have been fortifying their digital capabilities as demand for the same has been rising amid the coronavirus pandemic. Global banks like HSBC Holdings (HSBC - Free Report) , JPMorgan (JPM - Free Report) and Bank of America (BAC - Free Report) are investing heavily in technology upgrades to enhance digital experience for customers.
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