Today, takeout or groceries can be at your doorstep minutes after ordering. Burger King is delivering food to those caught in L.A. traffic jams. Nearly everything in our lives has adjusted to “Smartphone Time” and can be had instantly with a swipe. One of the last holdouts to this lifestyle was our money. Stubborn payment rules and systems meant that we had to wait days for our bank accounts to reflect the balances on our phones. Laggard companies insisted on sending loans, insurance payouts, and rebates by paper check. But over the last few years, the advent of push payments has made instant, convenient money a reality.

Drew Edwards is the CEO and founder of Ingo Money, which is an instant money company. Ingo Money allows businesses to disburse instant, safe-to-spend funds to more than 4.5 billion consumer debit, prepaid, credit, private label credit and mobile wallet accounts.

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Today, most restaurant transactions either involve a credit card or debit card. Although consumers are used to instant and cashless payments, the majority or restaurant employees still get paid with a check. However, the industry is slowly moving toward cashless payments for employees. The founder of Ingo Money and the two co-founders of Kickfin shared their thoughts on the changes in an interview.

Drew Edwards is the CEO and founder of Ingo Money, which is an instant money company. Ingo Money allows businesses to disburse instant, safe-to-spend funds to more than 4.5 billion consumer debit, prepaid, credit, private label credit and mobile wallet accounts. Brian Hassan and Justin Roberts are the co-founders of Kickfin, which is a closed-loop cash management solution for restaurants. Kickfin eliminates the need for bank runs, change orders and manually tipping employees by providing retailers and restaurants access to payment and cash management software along with IoT hardware.

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A new study conducted by Forrester Consulting on behalf of Ingo Money shows that 93% of companies are failing to make business-to-consumer (B2C) distributions in the way customers expect to be paid. By using legacy payment instruments like paper check or ACH deposits, these businesses ignore consumer preferences for safe-to-spend funds delivered immediately, conveniently and in the account of their choosing. The study finds that overwhelming consumer demand for real-time disbursements has primed the market and presents an opportunity for companies to boost customer engagement and operational efficiency.

The January 2019 commissioned study Legacy Disbursements Methods Fail to Satisfy Today’s Modern Customers surveyed over one hundred financial service executives and more than one thousand U.S.-based consumers to better understand instant payment preferences and fulfillment. Key findings from the study include:

  • An enormous $6-$9 trillion in B2C disbursements are paid out annually;
  • Legacy payment methods including checks or ACH deposits are still used by 93% of companies;
  • Almost half of customers (49%) who were not given a choice of where to take receipt of their funds felt negative in some way;
  • 22% of consumers have heard of instant payments and have used them to receive funds;
  • Immediately available and safe to spend funds are a disbursement priority for 62% of consumers;
  • 72% of consumers said they would try instant payments at least once.

“Consumers are clear: when it comes to receiving money… they want to choose where to receive monies owed to them; they want the funds to be available and safe to spend immediately,” according to the Forrester Consulting study. “Businesses and government agencies who are slow to innovate toward payment methods that meet customer demands put themselves in a dangerous position of losing customers and having poor CX scores.”

These findings were made against the backdrop of rapid overall digital transformation within Corporate America. Yet despite a move to digital-first consumer experiences generally, companies have continued to rely on legacy payments instruments even though 68% of businesses reported monies take three or more days for disbursement and 38% of transactions experience fraud when using paper checks.

Companies that deliver on the promise of instant payments stand to benefit with increased customer satisfaction, augmented revenue, and reduced costs. A separate June 2018 commissioned study conducted by Forrester Consulting estimated that 20% of customers opening an account at an institution did so primarily because of instant payments. That same organization saw 20% greater account reuse than before instant payments were offered.

According to the Association for Financial Professionals (AFP), businesses can also save as much as $4 per check by digitizing labor-intensive payments processes.

For a copy of the Forrester study, click here.

Ingo Money CEO Drew Edwards said instant availability and usability of funds is all but expected across the payments space these days, thanks largely to the success of P2P platforms like PayPal’s Venmo or bank-backed Zelle.

Ingo Money, he told Bank Innovation, is an instant money company providing mostly B2B and B2C services, usually through banks and alternative financial services providers, across a variety of use cases like instant deposits.

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While US banks slowly migrate to real-time payments, one fintech is already providing instant push-to-card payments to consumers and businesses. Ingo Money is forging alliances with banks, insurers, payment processors and Visa in its bid to eliminate paper cheques and ACH payments.

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They’re easy to adopt and can help you push yourself to the next level.

Your best days are likely the ones in which you take good care of yourself while being highly productive. To make it happen, though, you need to be intentional with how you use the minutes of your day. Here are more than a dozen habits highly successful people practice to push themselves to the next level.

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The use cases for faster payments are typically considered to be somewhat niche: payments to the gig economy, immediate insurance disbursements, disaster relief, etc. But if any payment can be made in real time, why should full-time employees wait two weeks for every paycheck?

As more employees learn of the proliferation of faster payment options, either through their own use of P2P systems like Zelle or by chatting up their Uber drivers, they will expect similar treatment with their own payments.

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With the launch of Ingo Money QuickConnect last week, the company capped off a year that CEO Drew Edwards told Karen Webster could best be characterized as the “Great Awakening” of push payments.

“We’ve finally moved beyond ‘so what is a push payment?’ to ‘how do I deliver real-time payments or fast funds to my customers?’” Edwards explained.

The proof point, Edwards said, is the sheer number of Request For Proposals (RFPs) “flying at the top of the smokestack economy left and right” at the same time that gig economy platforms, including some of the early adopters, are looking to upgrade their disbursements tech.

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Visa is partnering with Ingo Money to launch a product for merchants and banks to quickly get onto the payment network’s systems allowing fast digital payments to customers.

It’s the latest sign of the rise of push-to-card payments where companies use existing card networks to push money to customers, reversing the traditional flow of dollars. In cases where companies want to send money to customers – say, a small business loan or an insurance payout – the method replaces paper checks or the decades-old Automated Clearing House (ACH) network, sending money over debit-card rails directly into users’ checking accounts.

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