Ingo Money, a provider of recurring, instantaneous, guaranteed funds technologies for financial institutions, prepaid card providers and digital wallet platforms, announced that it has successfully achieved sustainable, profitable loss rates for its account funding network, Ingo™ Money, while maintaining qualified customer approval rates of nearly 80 percent, a significant milestone for the company and the industry. Notably:
- Instances of duplicate check returns, which have historically represented 66 percent of total losses among Ingo Money users, have declined by 70 percent; and
- More than 85 percent of approved checks, which account for more than 90 percent of the total value of approved checks, are funded to consumer accounts and available to spend within minutes.
According to a recent survey of nearly 250 U.S. financial institutions by RemoteDepositCapture.com, 63 percent of respondents currently offer mobile remote deposit (mRDC) and 96 percent plan to do so within the next 12 months. The rapid adoption of mRDC increases the level of risk associated with duplicate check deposits, which are a significant source of losses, expensive to resolve and detrimental to the user experience – including checks that are accidentally deposited twice with no fraudulent intent. Ingo Money users benefit because Ingo covers all losses incurred by checks that fail to clear or are returned after funds are deposited to user accounts, protecting non-fraudulent users and their card issuing financial institutions from any risk or obligation on returned checks. The irreversible, non-provisional nature of Ingo Money “Good Funds” transactions makes the need for exceptional risk management performance all the more acute, and has led to the development, testing and launch of transformational risk mitigation techniques and capabilities.
“Our risk performance milestone is the result of continually building on the expertise acquired from more than a decade of account funding experience and investing significantly in technology. We enable our partners and their customers to enjoy the convenience of funding their accounts from a mobile device with good funds, available in minutes. Until now, the industry has failed to control duplicate items and other fraud sources for prepaid customers, while also delivering the level of immediacy that is required or desired by hundreds of millions of consumers – Ingo™ Money does both,” said Drew Edwards, founder and CEO of Ingo Money. “This success is particularly important as we expand the network’s accessibility to more than six million prepaid cardholders through upcoming software development kit integrations and co-branded mobile app launches.”
The mobile account funding network can be accessed by downloading the Ingo™ Money app for free from the Apple® App Store or Google Play™ store or through card providers’ mobile banking apps via an embedded software development kit. With the Ingo Money app:
- Users can scan a check with a mobile device and, for a small percentage of the total check value, receive instant access to good funds on approved checks;
- Alternatively, users can scan a check and have it processed and loaded to their card irreversibly in ten days at no cost if the check does not return within the ten-day period;
- Check funds are deposited to user accounts via payment network credit transactions originated by First Century Bank, N.A., and are available immediately to spend, pay bills or transfer to others without the risk of reversal.
“I am very pleased with our network loss rate performance and I am especially enthusiastic that we have achieved these results without jeopardizing check approval rates, so critical to the customer experience,” said Will Sowell, president and chief operating officer, Ingo Money. “We remain ever vigilant in mitigating risk and managing losses while expanding network access for consumers and delivering reliable and convenient account funding services for Ingo Money clients.”
Ingo Money supports check transactions for all of its participating card programs’ enrolled cardholders across pre-printed payroll and government (PPG) 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 most other check types. PPG checks represent 37 percent of check items submitted by Ingo Money app users, demonstrating the effectiveness of Ingo Money in meeting the account funding needs of cardholders who are unable or unwilling to enroll in direct deposit.
Ingo Money first launched its mobile remote deposit capture platform in January 2012 for its Enterprise Solutions clients. Ingo™ Enterprise Solutions offers check approval and guarantee services to financial institutions and other organizations with the regulatory authority to cash checks, extending its “Good Funds” services to millions of consumers. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., provides a payment network-based account funding infrastructure especially conducive to prepaid card programs. Across its business lines, Ingo Money provides mobile check funding services for financial institutions, alternative financial services providers and dozens of prepaid card providers, including several of the premier prepaid card providers in the U.S.
About Ingo Money
Ingo Money, Inc. facilitates the acceptance of consumer funds from a variety of monetary instruments to originate immediate, non-provisional funding for bank accounts, payment cards and mobile wallets. The only technology solution of its kind in the marketplace, Ingo Money services are essential to providing a convenient source of recurring funds for any payment platform to fuel the consumer adoption of new and existing digital payments. The instantaneous and non-provisional nature of Ingo Money funding transactions means that, regardless of their source, deposited funds are “Good Funds,” available to spend by the account or mobile wallet owner in minutes without risk of future reversal.
Ingo Money, Inc. owns and operates two lines of business. Ingo™ Network Solutions, operated in conjunction with First Century Bank, N.A., is a consumer-direct, mobile account funding network accessible on iOS and Android devices via mobile application and embedded SDK. Ingo™ Enterprise Solutions is a commercial platform that enables banks and alternative financial services (AFS) providers to deliver immediate, non-provisional “Good Funds” services to their customers through any servicing channel.
Headquartered in Roswell, Ga. (and operating a data center and two risk management centers in Georgia), Ingo Money serves many of the largest financial institutions, AFS providers and payment networks as clients.
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Michael Touchton, 678-781-7215