Delivered using Fiserv’s Mobile Source Capture, the new technology offers prepaid processors with the ability to guarantee a cheque before it is accepted, and offer their cardholders a convenient mobile service that increases card load volumes.
By downloading their prepaid processor’s application and capturing a photo of the front and back of a cheque using a smartphone, consumers can deposit and then can safely load the cheque deposit electronically to a prepaid card.
In a bid to reduce risk for prepaid processors, the company has teamed up with VALID Systems, a cheque guarantee service, which will deliver near real-time verification while enabling instant funding for the consumer.
Fiserv Source Capture Solutions director Gary Brand said, "For prepaid processors that offer mobile loading, this can mean increased balances, transaction counts, volumes and customer retention rates."
At the outset, the company will provide Prepaid Source Capture to prepaid card processors, while availability to financial institution clients will take place at a later stage.
