Atlanta, – Ingo™ Money, Inc., a leader in mobile check cashing and digital payments technologies, and NetSpend®, a TSYS® company (NYSE: TSS) and prepaid provider of choice to self-banked consumers and the brands that serve them, today announced an agreement that will extend the utility of NetSpend and partner-branded prepaid card accounts, providing cardholders with access to funds from checks through NetSpend’s mobile banking platforms.

NetSpend is launching the Ingo Money SDK service within NetSpend mobile applications, enabling consumers and small business owners to receive immediate and irreversible access to funds from approved checks via iOS and Android devices.

Integration of the Ingo Money SDK into the NetSpend Mobile Banking platform will enable millions of Visa® and MasterCard® prepaid card users to submit an image of almost any type of check ranging in value from $5 to $2,500 to the Ingo Money service using their smartphone. Checks approved are cashed and credited by a national bank to NetSpend cardholders in minutes for a fee or at no charge in 10 days, as long as the check is not returned unpaid. Regardless of the timing option selected by the cardholder, once a card account is funded, the money is guaranteed by Ingo Money and available to spend, eliminating the risk of returned checks and associated fees typical of traditional check deposit services and mobile deposit capture solutions.

“NetSpend’s consumers utilize their smart phones now more than ever and we view this as a key component to help empower and support their mobile lifestyles,” said Chuck Harris, president of NetSpend. “Checks remain an important part of the consumer’s financial ecosystem, and it is important to NetSpend to solve this need with reliable, convenient, guaranteed and immediate access to check funds for our valued customers.”

Leveraging nearly 15 years of specialized risk management experience, Ingo Money employs sophisticated underwriting algorithms, analytics and processes to assess customer, check item and check maker data on all submitted mobile transactions. In mere moments, Ingo Money is able to measure check clearing risk and eliminate likely fraudulent transactions to deliver qualified mobile transaction customer approval rates in excess of 85%. These unique and proprietary risk management capabilities make the mobile check cashing service commercially viable and accelerate consumer access to funds to drive their adoption and use of digital payment platforms.

“Ingo Money’s agreement with NetSpend marks the achievement of a significant milestone for our company in our quest to improve cash flow and financial health for nearly 150 million just-in-time consumers in the U.S. who struggle to pay their bills each month,” said Drew Edwards, founder and CEO, Ingo Money. “This transformational digital account funding network provides broad access for consumers and unmatched scale critical to efficient risk management.”

 

About Ingo Money

Ingo Money, Inc. is a leading digital payments company focused on expanding and accelerating the flow of funds between monetary instruments to provide immediate, guaranteed funding and payment services that fuel consumer adoption of new and existing digital payment platforms.

Ingo Money and First Century Bank, N.A. operate the nation’s only digital account funding network, a consumer-direct network accessible via mobile and retail channels. In addition, Ingo Money offers an omni-channel commercial platform that provides technology and risk management services to financial institutions and other independently licensed financial services firms enabling them to deliver immediate, non-provisional funding and payment services to their customers.

 

About NetSpend, a TSYS Company

NetSpend is the prepaid provider of choice to self-banked consumers and the brands that serve them. With a mission to empower consumers with the convenience, security and freedom to be self-banked, NetSpend’s products have helped over 10 million consumers spend, budget and pay bills since 1999. Consumers can reload and find NetSpend Prepaid Cards at convenient locations nationwide through NetSpend’s extensive network of 130,000 reload points and more than 85,000 distributing locations and employers, including check cashers, convenience stores, grocers, pharmacies, insurance providers and tax preparers. Headquartered in Austin, Texas, NetSpend is a wholly owned subsidiary of TSYS (NYSE: TSS). For more information, please visit https://www.netspend.com/, or follow NetSpend on Twitter at twitter.com/NetSpend or on Facebook at facebook.com/NetSpend.

ATLANTA – Ingo™ Money, Inc., a leader in mobile check cashing and digital payments technologies, and Global Cash Card™, a specialist in customized paycard solutions, announced today that they have partnered to provide the Ingo Money mobile check cashing service to Global Cash Card customers. With the Ingo Money service, Global Cash Card is extending the utility of its paycard programs to enable cardholders to cash checks to their paycard accounts with their mobile device and access their money in minutes for a fee or in 10 days at no additional charge.

Paycards help employers reduce payroll processing expense and provide an important financial tool to their employees. Especially important for employees who do not own a bank account and are unable to enroll in direct deposit, paycard customers receive consistent and reliable electronic access to their wages and can use their card to make payments and purchases or withdraw cash at an ATM.

Global Cash Card offers a wider array of financial services and benefits to their cardholders than most paycard programs. Through its partnership with Ingo Money, Global Cash Card now offers its eligible cardholders a method for cashing checks they receive from non-employer sources directly to their paycard account so they can access consolidated funds to pay their bills and make purchases. To cash checks to their paycard, cardholders:

  • Download the Ingo Money App on their mobile device and enroll their Global Cash Card paycard
  • Take a picture of the front and back of their endorsed check and submit it to Ingo Money for approval
  • Choose to pay a small percentage of the total check value, if their check is approved, to receive funds on their paycard in minutes, or alternatively, choose to receive funds from approved checks in 10 days at no charge

“As a best-in-class paycard provider, Global Cash Card is very proud of the service we deliver to our clients and their employees,” said Joseph Purcell, co-founder and COO, Global Cash Card. “Ingo Money mobile check cashing further enhances the utility of our paycard products and extends financial access for our cardholders. We are very pleased to partner with Ingo Money to bring this new paycard service to our clients and customers.”

The Ingo Money mobile check cashing service, enabled by Ingo Money and provided to the consumer by a national bank, accepts checks ranging in value from $5 to $2,500 across most check types including payroll and government checks, two-party personal checks and a wide variety of institutional and specialized check types: money orders, cashier’s checks, handwritten payroll checks, insurance checks, rebate checks and others.

Leveraging sophisticated risk decisioning algorithms and underwriting processes, Ingo Money reviews checks for risk management and guarantee, and a national bank cashes approved checks and credits funds to the customer’s account. Once a card is funded, the money is as good as cash and safe to spend, pay bills or transfer to others without the risk of reversal. If checks fail to clear or are returned after funds are credited to a paycard account, the loss is borne by Ingo Money, protecting Global Cash Card and its issuing banks, employer clients, and cardholders from any risk or obligation on returned checks.

“Global Cash Card empowers hundreds of thousands of hard-working Americans with real-time access to their money from all sources so they can better meet their financial obligations,” said Drew Edwards, founder and CEO, Ingo Money. “I am very honored to be partnered with Global Cash Card in a shared mission to help improve the financial health of paycard customers and lift them out of the cash economy.”

Under the terms of service provided by First Century Bank, N.A. and Ingo Money, Inc., any identity-verified consumer in the United States with an eligible Global Cash Card account and a smartphone may use the Ingo Money App to cash checks.

About Ingo Money

Ingo Money, Inc. is a leading digital payments company focused on expanding and accelerating the flow of funds between monetary instruments to provide immediate, guaranteed funding and payment services that fuel consumer adoption of new and existing digital payment platforms.

Ingo Money owns and operates two lines of business. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct network accessible via mobile and retail channels. Ingo™ Enterprise Solutions is an omni-channel commercial platform that enables independently licensed financial services firms to deliver immediate, non-provisional funding and payment services to their customers.

About Global Cash Card

Global Cash Card™ is the proven specialist in customized paycard solutions that are simple to implement and easy to use. Headquartered in Irvine, CA, Global Cash Card is a direct processor that offers a 100% paperless solution through Visa Prepaid and Debit MasterCard card programs. The company develops and owns the proprietary software, which enables the products and services it offers.

The cutting-edge platform provides a multi-channel solution including payroll, travel, gift, branded, and customized programs. Global Cash Card’s innovative technology continues to improve, offering more value and greater flexibility to meet the particular requirements of its customers. Visit us at https://www.globalcashcard.com.