Fiserv Launches Prepaid Source Capture, Enabling Instant, Guaranteed Funding for Prepaid Cards

• Consumers can use Fiserv mobile deposit technology to load funds from checks onto prepaid cards
• Prepaid Source Capture helps prepaid card processors and program managers increase card load volume, customer convenience and retention
• Fiserv dramatically reduces risk for prepaid processors and enables instant funding for consumers with web-based check guarantee service from VALID Systems

BROOKFIELD, Wis.–(BUSINESS WIRE)– Fiserv, Inc. (NAS: FISV) , a leading global provider of financial services technology solutions, today announced mobile loading capability for prepaid cards, giving cardholders the ability to safely load immediate, guaranteed funds from a personal or business check using a smartphone’s camera. Prepaid Source Capture™, delivered through Mobile Source Capture™ from Fiserv, provides prepaid processors with the ability to guarantee a check before it is accepted, and offer their cardholders a convenient mobile service that increases card load volumes and customer retention.

Consumers can make a deposit by downloading their prepaid processor’s app and taking a picture of the front and back of a paper check with a smartphone. They can then securely load the check deposit electronically to a prepaid card – without visiting a bank or ATM. Through a new agreement with VALID Systems, a check guarantee service, Fiserv dramatically reduces risk for prepaid processors by providing near real-time verification while enabling instant funding for the consumer.

“By combining industry-leading check capture technology with easy check guarantee and authentication processes, Fiserv helps prepaid card processors and program managers increase card load volume, and has the potential to retain and grow their customer base,” said Gary Brand, director, Source Capture Solutions, Fiserv. “The ability to easily load funds from a check to a card adds a great deal of convenience for the consumer, and can be a valuable addition to traditional banking. For prepaid processors that offer mobile loading, this can mean increased balances, transaction counts, volumes and customer retention rates.”

General purpose reloadable prepaid cards represent an important market segment opportunity, with 1 in 10 U.S. households reporting past or current usage, according to the FDIC National Survey of Unbanked and Underbanked Households, published in September 2012. The same report shows growing demand for prepaid cards, especially among unbanked households, which saw usage jump 50 percent in three years. Most importantly for financial institutions, almost half of …read more
Source: FULL ARTICLE at DailyFinance