Ingo Money introduces cheque-splitting feature

Source: Ingo Money

Ingo Money, Inc. today introduced a new check splitting feature that enables users to cash a check via a smartphone app and send the funds instantly to multiple accounts.

The fast funds and money movement innovator also announced new partner integrations to allow direct funding of PayPal accounts and make accelerated payments to thousands of bank and private label credit card accounts via the Ingo Money App, with First Century Bank, N.A.

Together, these announcements make Ingo Money the first real time money movement system enabling consumers to seamlessly and instantly cash and then transfer funds from checks to any number of destination accounts. Through the Ingo Money service, individuals, 1099 freelancers and small business owners can access their full check funds in minutes, irreversibly, and then quickly fund bank accounts, pay credit card bills, and make purchases with confidence.

"More than 138 million Americans struggle to make ends meet, and check deposit delays and reversals wreak havoc on their finances," said Ingo Money CEO Drew Edwards. "The new features and funding options in the Ingo Money App make it even easier for them to unlock funds safely and quickly and meet their financial obligations without the fear of bounced checks. Now it's possible to deposit funds into almost any bank or prepaid card account, pay a credit card bill and fund a PayPal account in just minutes, all through a smartphone and from a single check. We have now replicated on a mobile device the immediate and reliable access to check funds that have traditionally required consumers to visit a retail bank location or check cashing outlet, and we continue to add services that enable them to move their money any place they need it."

These new enhancements to the universal Ingo Money App empower the hundreds of millions of consumers and small businesses that are challenged by delayed funds access and default risks associated with the more than $20 trillion in paper checks issued annually. Historically, traditional check deposit has exposed these consumers and small businesses to a banking system that requires them to accept float and risk on every deposit transaction, forcing them to wait, often 3-5 days, to access check funds. If checks fail to clear or are returned even months later, posted funds are revoked, contributing to $30 billion in annual bank fee assessments for insufficient funds and overdraft. The impact of check deposit delays is compounded by the inability to access the funds instantly to pay bills or make purchases.

The new Ingo Money App check splitting capability is an industry first, allowing users to cash a check and then direct the funds instantly to separate accounts for different uses. The Ingo Money App also makes it possible to send funds directly to a credit card account to be applied against an outstanding balance as payment.

In addition, Ingo Money App users can now fund PayPal accounts. PayPal's consumer and merchant customers have the ability to cash a check on their mobile device and fund their PayPal account in minutes. Once funds are added to a PayPal account, the money is available to make purchases online with the millions of merchants that accept PayPal, spend in stores via the PayPal mobile app or with the PayPal Business Debit MasterCard®, or transfer to others through PayPal's send money feature.

Paper checks remain one of the leading payment methods in the United States for wage and institutional disbursements and person-to-person payments across all income levels, including financially underserved consumers, freelance contract workers, micro-merchants, and small business owners. In total, nearly 73 million people receive paper checks on a recurring basis for the work they perform, while another 40 million receive checks routinely from other people.

The Ingo Money App allows users to cash checks up to $5,000 and send the funds to the accounts of their choice in minutes for a fee. All checks submitted in the app are processed, cashed and funded by First Century Bank, N.A., (FCB), a national bank. Funds from approved checks are transferred to user-selected accounts immediately after they are approved and are guaranteed, which protects account issuers and customers from any risk or liability on returned checks. 

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