Will Plastyc Encourage the Broke to Save More?

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CEO Patrice Peyret to demo a prepaid account savings solution for the underbanked at Finovate Fall 2011.

Save Now feature inside a prepaid card
Our goal is to turn savings into a habit by making it simple, automatic and rewarding,

Plastyc may have cracked the code when it comes to helping people on tight budgets put more money into savings. CEO Patrice Peyret will preview the new savings solution, which works with the company's UPside Visa prepaid cards and iBankUP accounts, at FinovateFall 2011 September 20 in at Pier 92 in New York.

In his demo, Peyret will show how the new solution helps reduce barriers by building automated savings into prepaid card accounts. This is especially useful for people who either can't qualify for or don't want the overhead of a traditional bank account.

"Underbanked and low income people have the hardest time saving money because they don’t have much of it, they have limited access to savings accounts and interest rates are too low to generate meaningful rewards. Our goal is to turn savings into a habit by making it simple, automatic and rewarding," said Peyret.

Peyret will demonstrate features that help automate the process of saving and "hide" the saved money from the payment account. He also will discuss plans for offering meaningful rewards, intended to help motivate people to save, and point to the complete absence of new fees for the savings program, meant to help consumers understand that their hard-earned cash won't get eaten away by hidden fees.

Plastyc is designing its savings solution with the help of Doorways to Dreams (D2D) Fund (http://www.d2dfund.org), a national non-profit with a mission to strengthen the financial opportunity and security of low and moderate income consumers by innovating, incubating and stimulating new financial products and policies.

“A savings feature on a prepaid card provides easy access to savings for many unbanked and under banked consumers and, with the right design features, can help consumers build savings to address both short and long-term needs," said Tim Flacke, Executive Director of D2D.

About Plastyc
Plastyc delivers good banking to all by providing 24x7 access to FDIC-insured accounts through any Internet-connected computer or cell phone. Unlike traditional checking accounts, Plastyc's iBankUP portal and UPside cards never incur overdrafts, and they offer better services at lower prices, with more ways to receive money and no risk of over-spending it. Plastyc's principals and directors have a track record as financial services innovators at companies including Gemalto, Oberthur, Signio (now part of PayPal, an eBay company), ClairMail, Lending Club, and Genetic Finance. Plastyc is privately held with headquarters in New York City. For more on Plastyc, please visit http://www.plastyc.com.

About Finovate
FinovateFall is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in New York City, the event offers an insight-packed glimpse of the future of money via a fast-paced, intimate and unique format. FinovateFall is organized by The Finovate Group. For more information on the event, or to view videos of previous demos, please visit http://www.finovate.com/fall2011.


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