Ingo Money: 85% of OK’d RDC Checks Available in Minutes (Aug. 28, 2014)
More than 85 percent of approved checks sent over the Ingo Money platform, accounting for more than 90 percent of the platform’s total check value, now are funded to customer accounts and available to spend within minutes, according to Ingo Inc., the Georgia-based electronic funding specialist that operates Ingo Money. Meanwhile, instances of duplicate check return, the bugaboo of RDC, have declined 70 percent since Ingo Money’s RDC platform launched in early 2012. As part of its business model, Ingo Money covers all losses incurred by checks that fail to clear or are returned after deposit, protecting users and financial institutions.
Many payment industry observers consider mobile RDC a major opportunity for prepaid. By potentially enabling underbanked and unbanked users to quickly and easily deposit funds onto a card by photographing a paper check, RDC offers convenient card reloads, helping solve one of the biggest challenges in prepaid.
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