Ingo Money’s MDC Service with Visa Prepaid Goes Live (Oct. 24, 2013)
Oct. 24, 2013
Mobile deposit capture took a big step toward mainstream adoption in the prepaid industry with the announcement this week that Ingo Money Inc.’s mobile deposit capture pilot with Visa, which began last year, is officially out of beta. Ingo Money’s service enables consumers to deposit checks into their Visa Prepaid card accounts by taking a photo of their checks. 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, according to an announcement.
“I am very pleased with the results of the beta,” said Drew Edwards, founder and CEO of Ingo Money. “We achieved our customer, operational and servicing goals and outperformed on internal risk management forecast projections.” Nearly 25,000 customers have enrolled in the service in the last few weeks, according to the company, which offers the service directly to prepaid cardholders through a mobile app or as white-label commercial solutions that power delivery across branch, ATM, kiosk and mobile.
“Visa’s interest in the Ingo service is that it addresses the critical consumer cash flow issue, making it easier and in many cases less expensive to cash a check and load funds on the card,” Lisa McFarland, head of consumer prepaid, Visa, told Paybefore at the ATM, Debit & Prepaid Forum in Las Vegas this week. “What we learned from the beta test and what consumers told us effusively was that they love this service for the difference it makes in their lives.”
While risk management related to cashing checks is something new for Visa, McFarland said the network is happy to be working with a partner with deep experience and risk management tools for this area. And although it’s still too early to know the potential impact of mobile deposit capture on cardholder retention, McFarland says Visa’s predictive models suggest that offering mobile deposit capture will increase the cardholder life cycle.
In related news this week, Cachet Financial Solutions, Ingo Money’s preferred mobile deposit capture technology provider, said it will unveil its CheckRisk Pro toolkit, which helps clients monitor deposit information from multiple sources, regardless of the technology vendor, at the BAI Retail Delivery conference in Denver, Nov. 5-7.
