[August 27, 2014] |
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Ingo Money Mitigates Mobile Deposit Risk to Achieve Sustainable, Profitable Loss Rates without Jeopardizing Approval Rates
ATLANTA --(Business Wire)--
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:
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Instances of duplicate check returns, which have historically
represented 66 percent of total losses among Ingo Money users, have
declined by 70 percent; and
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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 enjy 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 (News - Alert)
Play™ store or through card providers' mobile banking apps via an
embedded software development kit. With the Ingo Money app:
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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;
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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;
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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 (News - Alert), 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 (News - Alert) 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.
Learn more at business.ingomoney.com or
contact Chez Echeverri at chez@ingomoney.com.

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