Chesapeake Bank Launches Real-Time Payments System for Trucking Sector

DJ Seeterlin, Chief Innovation and Strategy Officer, and Kevin Wood, Managing Director of Flexent at Chesapeake Bank, recently joined Steve Darling from Proactive to discuss an exciting new business initiative in the trucking sector. Chesapeake Bank, known for offering the Flexent program focusing on accounts receivable financing since 1995, has taken a significant step forward to address a pressing need in the industry.

In 2023, recognizing the necessity for faster payment solutions for truck drivers—who often need immediate funds for expenses such as fuel and repairs—Chesapeake Bank acquired another company to develop a real-time payments system. This innovative system allows truck drivers to receive funds instantly upon load delivery and paperwork submission, effectively bypassing slower methods like ACH and expensive wire transfers. The initiative has already seen strong adoption, with 93% of truck drivers preferring instant payments.

Chesapeake Bank has been a pioneer in adopting real-time payment technologies, being among the first 25 banks in the US to implement them in 2020. Their early involvement and proactive approach in the industry have enabled them to swiftly deploy these solutions, demonstrating their commitment to innovation and customer satisfaction.

The new service is expected to significantly benefit the trucking sector by providing faster and more efficient payment options. Additionally, it is poised to enhance Chesapeake Bank's traditional receivables financing business, while also generating additional revenue through ancillary products. This initiative underscores Chesapeake Bank's dedication to meeting the evolving needs of its clients and advancing the financial services industry.

The company emphasized the importance of this development, highlighting how the real-time payments system not only supports truck drivers in their day-to-day operations but also strengthens Chesapeake Bank's position as a leader in financial innovation. As the trucking industry continues to grow and evolve, Chesapeake Bank remains committed to providing cutting-edge solutions that drive success for their clients.

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