How Photo Check Deposits Will Boost Prepaid Payment Cards

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Banking Up CEO Joins Panel Discussion on the Future of Mobile Remote Deposit Capture at the Underbanked Financial Services Forum in Miami June 5 - 7.

Mobile Deposit Capture of check into UPside Visa card
We consider mRDC as a new motivator to replace checking accounts with more affordable prepaid accounts, or to get banked if you don't currently have a checking account.

Photo check deposit, or Mobile Remote Deposit Capture (mRDC) as it is called in the financial services industry, can be a game-changer for people who aren't well served by traditional banking, says Banking Up CEO Patrice Peyret, who will join a related panel discussion at the 8th Annual Underbanked Financial Services Forum, June 5 - 7 in Miami.

The addition of photo check deposit to prepaid card accounts plugs the gap between prepaid and traditional checking accounts, making prepaid an even more viable alternative. Many prepaid accounts support direct deposit of paychecks, but often people are paid with paper checks. If they don't have a checking account, they need to turn to check-cashing services. Now prepaid accounts with photo check deposits fully opens the market to serve these customers.

Photo check deposit isn't a matter of convenience. 91% of the underbanked have mobile phones and smartphones, according to the FDIC. And many work in service jobs such as construction or child care where they don't have ready access to computers or bank branches.

New features that can make the funds available immediately for a fee, or for free after the check clears, go beyond traditional checking to let the consumer choose between speed or price, and providing them with an affordable alternative to check-cashing services either way.

Joshua Sledge, manager of nonprofit investments for the Center for Financial Services Innovation will moderate the panel Thursday June 6 from 11am to 12 pm. Drew Edwards, CEO of Chexar Networks, Lisa McFarland, head of consumer prepaid products at Visa, and Peyret will round out the discussion on mRDC's potential and how it stands to impact business and consumers.

"People whose employers don't offer direct deposit probably have avoided prepaid accounts. We consider mRDC as a new motivator to replace checking accounts with more affordable prepaid accounts or to get banked if they don't currently have a checking account. Its availability will be a driver in the acquisition of new customers," Peyret said in a preview of the panel discussion.

The Underbanked Financial Services Forum is co-sponsored by the Center for Financial Services Innovation and SourceMedia, publisher of American Banker. It is a national event focused on serving the financially underserved.

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About Banking Up
Banking Up is a leading online and mobile financial services company, providing businesses, banks and their consumers with smart, technology-forward personal finance products. The Banking Up platform enables businesses and banks to offer customers full-featured checking account services on top of easy-to-deploy, low-cost prepaid card accounts. Its consumer-facing product, the UPside Visa online and mobile account, provides consumers with an attractive alternative to traditional checking accounts. Plastyc, Inc., now doing business as Banking Up, has won multiple awards for serving underbanked consumers. Its partners include the Consumer Financial Protection Bureau (CFPB), Center for Financial Services Innovation (CFSI), H&R Block, GreenDot and Walmart. BankingUP’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 (now part of Monitise), Lending Club, and Genetic Finance. Banking Up is privately held with headquarters in New York City. For more information, visit http://www.bankingup.com

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Patrice Peyret

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