Fiserv today announced it is launching a mobile deposit solution that will allow consumers to load funds from checks onto prepaid cards.
Prepaid Source Capture, which is delivered through Fiserv's Mobile Source Capture product, allows prepaid processors to offer their customers the ability to load immediate, guaranteed funds from a personal or business check using a smartphone’s camera, the company said.
"By combining industry-leading check capture technology with easy check guarantee and authentication processes, Fiserv helps prepaid card processors and program managers increase card load volume, and has the potential to retain and grow their customer base," said Gary Brand, director, Source Capture Solutions, Fiserv, in a statement. "The ability to easily load funds from a check to a card adds a great deal of convenience for the consumer, and can be a valuable addition to traditional banking."
According to Fiserv, 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 load the check deposit electronically to a prepaid card, without having to visit a bank or ATM. Fiserv is partnering with check guarantee service VALID Systems to provide near real-time check verification and instant funding for the consumer.
Fiserv will initially offer Prepaid Source Capture to prepaid card processors, with plans to make it available to financial institution clients at a later date.