Designed using Chexar’s technology, including its remote deposit capture platform, the service provides Visa cardholders with instant access to the fund.
The company has also plans to allow new and existing prepaid cardholders with RushCard, AccountNow and Plastyc, as well as select FSV Payment Systems cardholders to enroll their Visa prepaid card to avail remote deposit services.
The system will support cheque deposits to Visa cards, funds transfers between direct deposit accounts (DDAs) and payment cards, person-to-person payments and bill payment services whether in-person, online, on a mobile device or at an ATM.
According to a forecast by Chexar, nearly 11% (770 million) of consumer cheques will be deposited through a mobile device by 2016.
Visa is a payments technology provider that connects consumers, businesses, financial institutions, and governments in over 200 nations and territories.
CHEXAR technologies integrates multiple national databases, rules engines and proprietary technology with redundant 24/7 risk management centers to achieve the industry’s highest automated and overall approval rates without limiting cheque type and size.
