Source: Ingo Money
Ingo Money, a leader in real-time push payments technology, introduced Ingo Instant Payments, an API-based, turnkey push payments technology and services platform.
The all-inclusive platform provides companies with a low-cost, instant and safe way to disburse funds to consumers and removes the friction associated with implementing push payments technology.
The Ingo Instant Payments service is a bank sponsored, push payments processing platform and gateway, supporting transactions from origination through settlement across multiple payment networks via a single API. It provides businesses, banks and merchants with industry-leading global reach to their customers' and employees' debit, prepaid and credit card accounts and mobile wallets in seconds through Visa Direct, other existing card network rails and proprietary direct integrations. Funds can be accessed immediately by the recipient to make purchases, pay bills or withdraw at an ATM.
Ingo Money is extending the platform to offer white-label, consumer-facing notification services and UI components to further simplify and accelerate implementation for banks and businesses seeking an all-inclusive push payments service.
"Ingo Instant Payments makes it easy for any company to implement push payments quickly and begin originating real-time, guaranteed payments to any customer or employee within their own proprietary user flows and branded experience," said Drew Edwards, founder and CEO, Ingo Money. "This marks the complete digitization of consumer payments, refunds and more, and provides businesses and banks with a turnkey push payments disbursement solution that leverages the ubiquity, ease of use and security of the global card payment networks."
Ingo Money and Visa intend to collaborate to provide full service, white-label push payments technology services to its merchant, business, government and financial institution clients. Visa's customers will be able to easily integrate push payments capabilities into their systems to send fast and convenient disbursements to customers, service providers, employees and more.
"Ingo Money developed a domestic push payments use case with Visa back in 2012 and has evolved its technology into a mature and sophisticated push payment enabling platform," said Bill Sheley, head of global push payments, Visa Inc. "We are looking forward to again work with Ingo Money to bring to market solutions that make push payments truly turnkey for merchants, corporations and banks."
A variety of studies demonstrate that issuing a paper check can cost a company anywhere from three to ten dollars per check, and can consume as much as three weeks of time for printing, mailing, receipt, deposit and clearing. Even ACH payments take one to three days for payment processing. With Ingo Instant Payments, companies can reduce their costs substantially while building customer satisfaction and loyalty with real-time, guaranteed funds available to spend in any account they choose.