Chexar has renamed the Spyke Network to Ingo, reflecting the new ambition of “universal account funding” to provide consumers the ability to transfer and access good funds in minutes, not days.
First is the new name:
Effective May 15, the Spyke Network will become Ingo – The Good Funds Network (www.ingomoney.com). Chexar defines “Good Funds” as the funds that a consumer can feel safe spending without the risk that the bank or card program will reverse their deposit for some reason at a later date.
And then a description of the current product and a description of how that will evolve to become a much broader service that attempts to remove the time it often takes to move money:
The network’s initial functionality is the remote deposit capture of paper checks using mobile devices but future functionality will expand to enable the movement of good funds from other sources. An example would be the capability for an enrolled consumer to move money from their bank account to their prepaid card with an option to get good funds there in minutes, rather than typical delays as long as several days. The concept here is that the consumer should be able to easily put their money in and go on with their life.
Latency in money movement is often utilized as a mechanism to reduce risk, that is, wait until after settlement has been achieved before releasing the funds to the consumer. In some instances, this risk is reduced by offering funds to the consumer immediately but with the caveat that the funds can be reclaimed if settlement fails. In either case, the consumer does not have “good funds” and Chexar perceives resolving this as a customer service and business opportunity. As announced earlier, Visa already supports Chexar for remote deposit capture.
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