Ken Kruszka, Founder & CEO of SnapCheck, is a FinTech and payments pioneer. During his 15+ years in FinTech, Ken has led the creation of numerous firsts, including: First mobile remittance service in the US First global mobile bank account And he was the first person to send $1 around the world by mobile With SnapCheck, Ken is dedicated to eliminating paper checks and helping businesses across the digital divide and join the world of electronic payments. In addition, Ken is a member of the Fed Improvement Project: The Business Payments Coalition. SnapCheck is driving the elimination of paper checks, saving organizations 65% or more in payment costs and mitigating 90% of payment fraud.
Businesses are trapped in a world of paper checks. In 2016, businesses still conduct a majority of B2B transactions via paper check, and the use of paper checks is on the rise. This dependence costs businesses and banks $50 Billion in direct costs (printing, postage, writing, monitoring, reconciling) and $20 Billion in fraud losses annually.
SnapCheck’s blockchain-enabled digital checking platform empowers organizations to break free from the trappings of paper payments and embrace electronic transactions. SnapCheck’s digital checking platform integrates with bank core processors, accounts payable systems, payroll platforms to provide a seamless experience for users to send highly-secure SnapCheck digital checks instantly, directly from their mobile/online banking account or their preferred accounting software.
Because SnapChecks are 100% compatible with traditional paper check deposit methods (mobile, ATM, branch), recipients can maintain their legacy deposit processes or step up to instant, electronic deposits through SnapCheck, whenever they’re ready to do so. Fraud is eliminated through strong cryptographic controls built into the digital check itself. SnapCheck combines the strength of electronic payments with the ubiquity of checks to save costs and eliminate fraud for businesses and banks alike.