May 29, 2014
Ingo Money formerly known as Chexar Networks, is a leader in check decisioning and guaranteed funding for any type and size of check. On 28th May 2014, the company announced that over 100,000 consumers had enrolled for Ingo Money - its consumer direct, mobile account funding network that enables users to receive immediate, guaranteed funds from approved checks.
Ingo Money provides recurring, instantaneous, guaranteed funds technologies for financial institutions and prepaid card providers. The company has provided these services for over 12 years in company owned locations and now at thousands of bank and has solutions deployed in almost 5,000 bank and AFS locations, almost 1,000 ATMs , Kiosk locations and mobile devices around the nation. Some of the largest banks and non-bank financial services companies in the country rely on Ingo Money to manage and guarantee the risk for them. The App is currently downloaded 10,000-50,000 times from App store.
Today, consumers receive more than 5 billion checks per year, and many of them desire immediate access to their check funds. Ingo Money enables consumers with eligible prepaid and debit cards to deposit check funds from virtually any check into their accounts instantly, irreversibly and conveniently to meet their financial obligations, stated CEO and Founder of Ingo Money, Drew Edwards, in a press release. This important consumer service can also generate revenue for financial institutions and alternative financial services providers and serve as a powerful motivator for new customer acquisition.
This a video giving you an overview of Ingo Money’s Platform:
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Ingo – The Good Funds Network is also the first mobile remote deposit network for prepaid cards that gives consumers access to money in minutes from any type of check from a mobile phone. Consumers can now download a mobile application, enroll with Ingo, load their eligible cards into the wallet, and push any approved check to their cards in days for free or in minutes for a fee. One minute it’s a check, a few minutes later it can be money on your prepaid card.
What are Good Funds?
Good Funds are irreversible, ready-to-spend funds. Once Ingo loads the funds to your card, they are ready to spend, and the risk that the check is bad is ours. No deposit reversals, no overdrawn accounts, no hidden fees. But Ingo does reserve the right to recover funds from bad checks if you knew the check was bad when you sent it, if you attempt to cash or deposit it elsewhere, or if you otherwise act illegally or fraudulently.
The check approval process is carried out in-house within Ingo Money enabling a faster approval process when compared to the normal check approval system, but also Ingo Money is taking on the risk of the check on itself. Other benefits that it provides its customers are that of speed, low transaction cost and mobility of checks. Also there are no time limits on the use of this application, so its users can avail cash at anytime in the day 24×7.
Steps to use the Ingo Money Application:
Ingo Money provides mobile check funding services for alternative financial services providers, financial institutions as well as a number of prepaid card providers. This includes many of the premier prepaid card providers in the U.S. such as ACE Cash Express, AccountNow, InComm’s My Vanilla Prepaid Visa® Card, RushCard and H&R Block Bank among several others.
About Ingo Money:
Ingo Money operates two lines of business.
Ingo Money Network™: Functions in combination with First Century Bank, N.A., is a consumer-direct mobile remote deposit capture network accessible on iOS and Android devices via mobile application and embedded SDK.
Ingo Enterprise™: A commercial white label solution, that enables banks and alternative financial services (AFS) providers to make immediate, non-provisional Good Funds available to their customers. The company says that currently, almost 3 Mn consumers have used the company’s technology to access Good Funds from thousands of bank branches and AFS locations, ATMs, kiosks and mobile devices across the United States.