Atlanta, GA Chexar Networks, Inc. (“CHEXAR®”), announced today that H&R Block is using Chexar’s industry-leading solutions to convert checks into immediate Good FundsTM on both self- service kiosks and mobile devices. The partnership will help serve the nation’s underbanked population estimated to be almost 100 million people. H&R Block recently announced it is the first in the industry to provide mobile check loads onto its prepaid Emerald Card, with immediate access to the funds, a solution that is powered in part by Chexar’s technology.
Check Cashers, and more recently retailers, have traditionally provided Good Funds, defined as irreversible value, by converting paper checks into cash in their retail locations. Several retailers, for example, have become some of the largest providers of this service and point-of-sale posters encourage consumers to load the proceeds from checks onto their prepaid cards. This new service offered by H&R Block using Chexar’s platform enables these same consumers to complete this process from the safety and convenience of their homes, cars, or work places via their smart phones.
Susan Ehrlich, president of H&R Block Financial Services commented, “Our cardholders wanted a convenient and economical alternative to traditional check cashing for loading check funds onto their Emerald Cards. Chexar’s solution gives our cardholders immediate access to their funds, which is very important to them.”
According to a recent Federal Reserve Bank of Atlanta study, more than $26 trillion each year is paid in checks and more than $5.7 trillion of that is paid to a consumer in a check. According to the Federal Reserve Bank of Kansas City, person-to-person checks are actually still growing. Last year, out of $1.8 trillion in person-to-person payments, more than 84% were completed with a check, many of which end up at a check casher.
Drew W. Edwards, founder and CEO of Chexar, added, “the bigger the prepaid industry gets, the more important it is for them to effectively convert the massive amount of checks in this country into Good Funds, and this consumer will not wait seven days for that to happen. If you can’t meet this need consistently on all check types for this consumer, they will continue to go where they can count on it happening. We have been making this possible in brick and mortar for more than 10 years and now for more than two years in self-service channels. I couldn’t be more pleased to be partnering with H&R Block and its first class team of professionals.”
CHEXAR® is the national leader for technology and solutions that enable clients to cash, deposit or load any check with immediate funds availability. Chexar’s solutions provide clients with the ability to truly serve the nation’s under-banked population now estimated to be almost 100 million people. The gating factor for these consumers is their need to change all types of checks into cash or value before they can acquire other services including bill pay, money transfers, or prepaid cards.
Chexar’s solutions enable any business to convert ANY type and ANY size of check to cash or to immediate credit onto Prepaid Cards or as fee-based deposits into bank accounts. The company’s one-of- a-kind solutions combine multiple national databases, rules engines, and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates on any check. Chexar’s solutions are deployed across multiple platforms including turnkey point of sale solutions, assisted and self-service kiosk solutions, mobile devices, and full XML integrations. For more information, please visitwww.chexar.com.
About H&R Block
About H&R Block, Inc. (NYSE: HRB) is the world’s largest tax services provider, having prepared more than 600 million tax returns worldwide since 1955. In fiscal 2012, H&R Block had revenues of $2.9 billion and prepared 25.6 million tax returns worldwide. Tax return preparation services are provided in company-owned and franchise retail tax offices by nearly 100,000 professional tax preparers, and through H&R Block At HomeTM digital products. H&R Block Bank provides affordable banking products and services. For more information, visit the H&R Block Online Press Center.