Fiserv Launches Mobile Loading on Prepaids
Fiserv financial services technology launched its mobile loading capability for prepaid cards. Allowing cardholders to safely load immediate, guaranteed funds from a personal or business check using a smartphone’s camera, “Prepaid Source Capture” is made available on the Fiserv “Mobile Source Capture.” This provides prepaid processors the ability to guarantee a check before it is accepted and offer their cardholders a mobile service to increases card load volumes and customer retention. Consumers can make a deposit by downloading their prepaid processor’s app and taking a picture of the front and back of a paper check with a smartphone. They can then securely load the check deposit electronically to a prepaid card – without visiting a bank or ATM. This ultimately reduces risk for prepaid processors by providing real-time verification and instant funding for the consumer. The same report shows growing demand for prepaid cards, especially among unbanked households, which saw usage jump 50 percent in three years.
