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.