Take a picture of a cheque
Visa and paper cheque conversion firm, Chexar Networks, are launching a network platform to digitise traditional banking services for consumers (view press release). The platform will enable Visa prepaid users to deposit paper cheques to their reloadable Visa prepaid card using their mobile device, by taking a photo of a paper cheque. The solution utilises Chexar’s technology, including its remote deposit capture platform, providing Visa cardholders with access to funds on their Visa prepaid card.
In addition, the platform will support cheque deposits to Visa cards, funds transfers between Direct Deposit Accounts (DDAs) and payment cards, person-to-person payments and bill payment services whether in-person, online, on a mobile device or at an ATM. Transactions originate and terminate with a financial institution partner and consumer funds sit within an FDIC-insured account.
The new solution aims to provide an option for those being paid by paper cheques, following research by Visa which concluded that 35 million consumers receive wages and government disbursements via paper cheque, while 34% of participants revealed that direct deposit was not an option available through their employer. In turn, a Chexar report predicts that 11% (770 million) of consumer cheques will be deposited using a mobile device by 2016.
Later this year, there are plans to allow new and existing prepaid cardholders with RushCard, AccountNow and Plastyc, as well as select FSV Payment Systems cardholders, to enroll their Visa prepaid card to make remote deposits.
Whitepapers
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