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PRESS RELEASE

November 26, 2019 - FOR IMMEDIATE RELEASE

LINO LAKES, MN – Sharetec System, one of the fastest growing core systems offering the technology of simplicity, is pleased to announce that PortalPay - an innovative digital payment solution offered through the Sharetec/Allied Payment Network partnership - is gaining momentum as it brings significant advantages to numerous credit unions across the country. One such credit union that is experiencing the benefits of PortalPay is LorMet Community Federal Credit Union of Amherst, Ohio.

After extending its partnership in 2017 with PortalPay’s creator, Allied Payment Network, Sharetec has been able to offer its credit unions this advanced web-based loan payment solution that is easily and quickly installed with no integrations required, and that greatly simplifies and improves the loan payment process.

According to Shavena Brown, LorMet’s Chief Operations Officer, their financial institution was seeking a loan payment option that would automatically post to the member’s account. With their previous vendor, payments that were not processed through the member’s online banking were manually posted to the account by LorMet’s back office staff. Looking to improve their processes, they decided to request a demo of the PortalPay solution to determine if the product would serve their precise digital loan payment needs. With over 200 loans processed each month, LorMet realized that they required a solution that would easily manage this high volume and satisfy members’ needs in the process.

LorMet was pleased that PortalPay immediately simplified and improved its loan payment processes, and they are continuing to enjoy several key benefits from the solution. “Members can make one time payments at no charge using their checking account information whenever they choose, from any device, and can continue to make payments using their debit card,” Shavena remarks. “Back office staff can access the administration site to check the status of and research payments, and even make payments on a member’s behalf. And all payments are automatically posted to the account. Screens are user friendly and we can provide custom verbiage within the disclosure boxes to simplify the member-user’s experience.”

According to Shavena, PortalPay provides the easy access that members demand to easily and quickly make loan payments from their mobile devices. “PortalPay is a great alternative to mailing a check. It reduces the loan payment period from seven days - which may include writing the check, purchasing stamps, placing the payment in the mail and allowing three days for delivery and one for processing - to two to three days, by simply processing the payment online with the payment processed the next day,” she notes.

Dan Miller, Vice President, Sharetec, notes that his company is looking forward to continuing to offer the latest and greatest leading-edge solutions to credit unions, and to further fostering Sharetec’s already successful partnership with Allied Payment Network. “Products such as PortalPay not only strengthen the success of our Sharetec Core Processing solution, they serve to build and improve the relationships that credit unions have with their members. Having this web-based loan payment solution is a win-win for everyone involved. It’s a truly unique product that Sharetec is proud to have among its prime feature offerings."

To read Sharetec's Case Study on PortalPay, click here.