FOSTER CITY, Calif. – Visa said this morning it has teamed with Chexar Networks to offer a network platform to digitize traditional banking services, including remote deposit capture of checks.
Initially, the platform will enable millions of Visa prepaid users to deposit paper checks to their reloadable Visa prepaid card using their mobile device, by simply snapping a photo of a paper check.
Powered by Chexar’s technology, including its remote deposit capture platform, the service provides Visa cardholders with immediate access to funds on their Visa prepaid card, enhancing convenience and security and reducing costs for consumers. Later this year, new and existing prepaid cardholders with RushCard, AccountNow and Plastyc, as well as select FSV Payment Systems cardholders, will be able to enroll their Visa prepaid card, and immediately begin making remote deposits.
The platform will support check deposits to Visa cards, funds transfers between Direct Deposit Accounts and payment cards, person-to-person payments and bill payment services whether in-person, online, on a mobile device or at an ATM.
“Consumers are choosing reloadable prepaid cards at an increasing rate, and for many of the same reasons that consumers embrace other electronic payment options — security, convenience and reliability,” said Hyung Choi, head of U.S. Prepaid, Visa Inc. “Mobile technology and other payment innovations are enabling us to enhance Visa’s prepaid experience and bring all the conveniences of traditional banking options to consumers who choose to use prepaid.”