Deposit is out.Instant is Ingo.
Make check deposit instant, easy, reliable and safe so your customers can make purchases and pay bills with confidence.
- Instant, guaranteed check deposit services consumers value
- Delivered in the channels they choose to use
- Backed by Ingo Money’s industry-leading risk management and technology solutions
70 YEARS OF MODERN PAYMENTS INNOVATION AND STILL THE CHECK IS NOT DEAD
Checks play a significant role in the financial ecosystem.
Over $26 trillion in checks are written each year in the U.S., $4.7 trillion to consumers alone—$1 trillion more than TOTAL U.S. card payments.
- Checks remain a primary payment method for wages and institutional disbursements
- Checks are the leading payment method for person-to-person payments
- Nearly 100 million consumers and small business owners routinely receive checks
- $535 billion in checks are cashed, rather than deposited, annually
Source: Federal Reserve Board, Triennial Payments Study, 2013.
TRADITIONAL DEPOSIT PLACES BANKS AT RISK
Check deposit is a primary driver of dissatisfaction with banks.
An astounding 138 million consumers and 15 million small business owners face recurring cash flow issues. They need banking services that help them manage their financial obligations and rely less on credit to make ends meet.
57%
of adult consumers struggle to meet their routine financial needs
50%
of small business owners experienced cash flow problems last year
45%
of Millennials supplement bank services with alternative financial services
Sources: Center for Financial Services Innovation, Financial Health Study, 2014; American Express Small Business Monitor, 2014; Think Finance, Millennial Payments Survey, 2013.
Delayed, provisional check deposit is a primary cause of consumer mistrust in banks.
Traditional deposit places float and risk on the depositor.
Consumers can’t pay bills or make purchases until funds post. And when checks return, funds are revoked and punitive fees are assessed. Customers are forced to recover funds and fees from check writers.
Mobile remote deposit makes check deposit more convenient, but it does not solve the deposit problem.
DEPOSIT INNOVATION IS HERE
Transform deposits to fuel digital payments adoption.
Instant deposit is a rare example of a value-added banking service for which most consumers are willing to pay.
Benefits
- Help your customers better manage their cash flow with instant access to their money when they need it
- Circumvent use of traditional check cashing and drive digital payments adoption and interchange revenue
- Generate a new source of meaningful non-interest fee income
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