KeyBank announced a partnership with Ingo Money launching a platform that offers payment options to businesses to disburse funds to consumers through a variety of channels, including some which deliver funds in real time. From their press release:
Through Ingo Push, Ingo Money’s turn-key push payment platform, KeyBank business clients can disburse guaranteed funds in real-time.
Ingo Money enables businesses, banks and government agencies to meet consumer demand for instant money proceeds while saving time and money. Through Ingo Money’s platform, KeyBank commercial clients will be able to quickly and easily turn slow, expensive paper checks and ACH deposits into instant, fully guaranteed funds that are immediately available in their customers’ accounts. Ingo Money’s network reach and intelligent routing system ensure industry leading delivery rates for these commercial clients.
According to Ingo Money’s website, the platform is capable of sending a message to a consumer to let them know that funds are available to them. Consumers can then have the option of how they want to receive their money including checks or ACH or a real-time push payment. The push payment is sent through one of the card networks that partner with Ingo Money including noted partners Mastercard, NYCE, Pulse and Visa. In addition to Ingo Money’s Ingo Push solution, Early Warning’s Zelle product offers disbursement options and First Data also has launched a disbursement platform that includes real time options as well. Background on that can be found here. The space for real time payments, at least for B2C disbursements is starting to get competitive!
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group