New Ingo Money and NetSpend Pact Enables Mobile Check Deposit for Prepaid Cardholders (July 28, 2015)
Ingo Money and NetSpend today announced an agreement that will enable NetSpend prepaid cardholders to deposit checks to their accounts via smartphones by combining Ingo’s mobile check deposit capture service with NetSpend’s mobile banking platforms. NetSpend will launch the Ingo Money SDK within NetSpend’s mobile apps.
Users may submit an image of nearly any type of check, ranging from $5 up to $2,500, and check funds are credited to the account within 10 days at no charge, or immediately, for a fee. Once funds are deposited into a NetSpend account, they’re guaranteed by Ingo Money and available for spending. Ingo’s proprietary analytics system assesses check clearing risk within moments, and the company claims transaction customer approval rates in excess of 85 percent. The agreement represents “a significant milestone” in the company’s quest to serve the nearly 150 million consumers who struggle to pay their bills each month, said Drew Edwards, Ingo Money founder and CEO.