The integrated platform is called Deposit Choice and it enables the processing and clearing of check-to-card remote deposits (view press release). The solution enables consumers to take a picture of a check with their smartphone and deposit the funds into their bank account or load them onto a prepaid card. Consumers can deposit or load a check with delayed provisional availability or immediate irreversible availability.
Chexar CEO and founder Drew Edwards says that the company has been “covered up with (remote deposit check) providers seeking to access our Good Funds Network to provide immediate and irreversible funds availability to the underbanked consumer…. Deposit Choice is being made available to all players in the industry as a back end processing and settlement solution to support their client facing models.” CPI CEO Richard Pinsen anticipates “significant early adoption and Deposit Choice becoming an industry standard interface.”
KPMG estimates that there are over 88 million underbanked consumers in the US who rely on alternative financial services such as check cashing and prepaid products.
Whitepapers
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