Money Mobility Tracker – June/July 2022

Offering consumers and businesses money mobility while also granting them security is a difficult trade-off. How can organizations strike the right balance?

The unfortunate reality for most providers is that consumers kind of expect to have their cake and eat it too. Customers expect a robust money mobility experience — money that can be sent or received anytime, anywhere, instantly — at no risk to themselves. They are often not willing to compromise on either.

The current dustup over banks’ resistance to reimbursing customers for defrauded funds through Zelle and other payment apps is a perfect example. Those customers who lost money through Zelle because of bad actors are incensed that their banks are not living up to the promise of money mobility.

Banks may have more leverage to deny fraud claims by customers, but neobanks, nonbank financial providers, FinTechs and others do not have that luxury. They must meet customers’ expectations for money mobility or risk losing their business. At the same time, they must fully protect funds in an environment of heightened fraud.

For these nonbank players, the best way to do both is by engaging with a partner capable of managing money-in and money-out functionality safely. These platforms have the experience, marketwide views, technology and security in place to facilitate instant money movement while also protecting funds.

In the case of Ingo Money, this partnership comes with an optional no-fraud guarantee. Our decades of risk insights and experience provide us with a unique market and network vantage point — enough to assume the risk for clients’ money-in capabilities.

Beyond risk and customer experience, the larger advantages of partnering with platforms like Ingo include getting to market faster, reducing operating costs and an ability to refocus on the core business.

Drew Edwards
CEO at Ingo Money

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