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Consumers can use Fiserv mobile deposit technology to load funds from
checks onto prepaid cards
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Prepaid Source Capture helps prepaid card processors and program
managers increase card load volume, customer convenience and retention
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Fiserv dramatically reduces risk for prepaid processors and enables
instant funding for consumers with web-based check guarantee service
from VALID Systems
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, today announced mobile loading capability for
prepaid cards, giving cardholders the ability to safely load immediate,
guaranteed funds from a personal or business check using a smartphone's
camera. Prepaid Source Capture™, delivered through Mobile Source
Capture™ from Fiserv, provides prepaid processors with the ability to
guarantee a check before it is accepted, and offer their cardholders a
convenient mobile service that increases card load volumes and customer
retention.
Consumers can make a deposit by downloading their prepaid processor's
app and taking a picture of the front and back of a paper check with a
smartphone. They can then securely load the check deposit electronically
to a prepaid card — without visiting a bank or ATM. Through a new
agreement with VALID Systems, a check guarantee service, Fiserv
dramatically reduces risk for prepaid processors by providing near
real-time verification while enabling instant funding for the consumer.
"By combining industry-leading check capture technology with easy check
guarantee and authentication processes, Fiserv helps prepaid card
processors and program managers increase card load volume, and has the
potential to retain and grow their customer base," said Gary Brand,
director, Source Capture Solutions, Fiserv. "The ability to easily load
funds from a check to a card adds a great deal of convenience for the
consumer, and can be a valuable addition to traditional banking. For
prepaid processors that offer mobile loading, this can mean increased
balances, transaction counts, volumes and customer retention rates."
General purpose reloadable prepaid cards represent an important market
segment opportunity, with 1 in 10 U.S. households reporting past or
current usage, according to the FDIC
National Survey of Unbanked and Underbanked Households, published in
September 2012. The same report shows growing demand for prepaid cards,
especially among unbanked households, which saw usage jump 50 percent in
three years. Most importantly for financial institutions, almost half of
the unbanked households that have used a prepaid card report being
likely to open a checking account in the future.
"This solution provides prepaid processors with safe, quick and
convenient check guarantee when funds are presented using mobile
capture," said John Templer, Jr., CEO, VALID Systems. "When consumers
and businesses can instantly begin using the guaranteed funds they've
just loaded on their prepaid card, that's a game changer — especially
for those who use a prepaid card as their primary financial management
tool."
Fiserv will initially offer Prepaid Source Capture to prepaid card
processors, with plans to make it available to financial institution
clients at a later date. Reloadable general purpose prepaid cards from
Fiserv carry the Visa®, MasterCard®, Discover®
and American Express® brands, and use a national debit
payments network like ACCEL/Exchange® from Fiserv. Prepaid
cards can be used like cash wherever debit cards are accepted.
Cardholders can get cash at ATMs and replenish value by direct deposit,
including payroll and government checks.
Fiserv is a leading provider of prepaid products and services and offers
processing, program management card manufacturing, personalization,
packaging and fulfillment. As the largest independent U.S. check
processor, Fiserv handles 1 out of every 5 checks written. Mobile Source
Capture from Fiserv, which provides consumers and businesses with
smartphone-enabled check deposits, is the basis for mobile loading
capabilities for prepaid cards. Fiserv has an impressive remote deposit
capture market share, with more than 3,600 financial institution clients
and 1.2 million end-users.
Additional Resources
About VALID Systems
VALID Systems offers America's leading automated check cashing and
verification solutions. Its products are deployed coast-to-coast; its
customers include top banks, financial services companies and retailers.
Local and regional businesses also appreciate VALID's fast, flexible,
low-cost approach to better attracting and serving new and underbanked
consumers. VALID's Internet-based decisioning and identification system
-- the most advanced on the market today — is utilized across its
product line. Platforms include its original PC-based application,
all-in-one terminals, and VALID-enabled ATMs. For more information,
visit http://www.validadvantage.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry, driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
FISV-G
Media Relations:
Julie Nixon
Senior Public Relations
Manager
Fiserv, Inc.
678-375-3744
julie.nixon@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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