Atlanta, Georgia Ingo Money, Inc. (“INGO®”), a leader in risk management technology supporting non-provisional check deposit with funds availability in minutes, subject to fees, terms and conditions, announced today the successful conclusion of the Ingo Network Beta test with Visa and transition to commercial status.
With its mobile remote deposit capture service, Ingo Money offers identity-verified consumers secure, frictionless access to their money, subject to certain fees and terms and conditions, to help meet critical consumer cash flow needs while eliminating risk for issuers and enhancing the utility and convenience of Visa card accounts. Dozens of Visa Prepaid card providers are joining Ingo Money Beta participants AccountNow, BankingUp (formerly Plastyc), FSV Payment Systems and RushCard in the full commercial launch, which will enable the Ingo service for the majority of Visa Prepaid consumer reloadable card programs. The commercial launch of Ingo was accompanied by the launch of a new website (www.ingomoney.com), a new social networking site (www.facebook.com/ingomoney) and the first in a series of consumer marketing initiatives sponsored by Ingo working together with Visa and participating card providers.
Drew Edwards, founder and CEO of Ingo Money, commented, “I am very pleased with the results of the Beta. We achieved our customer, operational and servicing goals and outperformed on internal risk management forecast projections. The Ingo Money team remains intensely focused on our commercialization efforts and delivering on our promise to our clients and our Ingo members: Ingo Money will make every effort to approve every legitimate check, regardless of check type, up to $2500, with higher limits available to Ingo Enterprise Solutions clients and cardholders.”
“Over the last few weeks, Ingo has added nearly 25,000 fully enrolled and identity-verified customers. Enrollment rates, deposit rates and approval rates continue to rise and risk management performance continues to improve,” said Will Sowell, Ingo Money president and COO. “Less than 40% of checks deposited with Ingo are pre-printed payroll and government checks, and over 40% of checks we receive are two-party, personal checks, substantiating our premise that Ingo serves a critical consumer need, even for consumers enrolled in direct deposit. Ingo is playing an important role in the prepaid financial ecosystem for our clients and our mutual customers.”
“Ingo Money’s service provides Visa Prepaid cardholders with quick, convenient and secure access to check funds through their Visa Prepaid cards so they can better meet their financial needs,” said Brian Triplett, head of North America prepaid products, Visa Inc. “Visa believes that this service will significantly enhance the value of prepaid cards for Visa Prepaid cardholders while reducing risk and liability for issuers.”
Ingo Money will continue to enhance its platforms to include multi-account check deposits, consumer money transfer and bill payment capabilities. In addition, Ingo Money, with its patent pending Dupex™ duplicate check clearing database, is collaborating with financial institutions, check cashers, clearing exchanges, FiSCA members and regulators in an industry-wide effort to address the inherent side effect of mobile remote deposit capture: accidental and fraudulent duplicate check presentment across channels and platforms. Two weeks ago, Ingo Money announced a growth equity investment by Camden Partners, a Baltimore-based growth equity firm.
The Ingo Money Mobile Remote Deposit Capture service is operated and provided by Ingo Money, Inc. Visa is an independent party and assumes no responsibility for Ingo Money, Inc. or the performance of the Ingo service.
About Ingo Money
Ingo Money is a leading provider of financial risk management solutions and has managed funding risk for 12 years, for some of the largest institutions in the industry. The Company’s automated approval technology and 24/7 risk assessment teams lead the market which allows Ingo to guarantee irreversible funds in minutes, on all check types and sizes. Ingo Money brings consumers a choice in how they access their money, with the ability to deliver Good Funds in minutes.
Ingo’s solutions include a consumer direct remote deposit capture network delivered through a mobile application and white-label commercial solutions that power bank and AFS delivery across branch, ATM, Kiosk and mobile.
The Company is located in north and south Georgia where it operates a data center and two risk management centers, employing over 200 professionals. Ingo’s clients include some of the largest banks, AFS providers and payment networks in the world. Millions of consumers use Ingo’s solutions, empowering them to choose when and how they receive funds they can count on, irreversibly and in minutes.