Ingo Money, the instant money company, announced Thursday (Dec. 13) the rollout of Ingo Money QuickConnect, which is a service that lets any company issuing money to customers to offer push-to-card payments via Visa Direct.
In a press release, Ingo Money said the product is aimed at helping merchants, corporations and banks speed up the deployment of Visa Direct. The new service includes user authentication and account verification tools, payment routing and bank sponsorship, the company said.
"We've heard time and again from customers that they need to deploy a push-to-card payment solution, but are intimidated by the time and effort required," said Ingo Money CEO Drew Edwards in the press release. "Ingo Money QuickConnect removes the burden and allows a company to almost immediately begin offering real-time payments through Visa Direct, while retaining the ability to easily expand the solution later to include payments to online wallets like PayPal and Amazon or even cash out Moneygram locations."
Ingo Money pointed to an Aite Group study that found customers want to get paid instantly, with 80 percent favoring direct-to-card payments. With Ingo Money QuickConnect, the company said firms will be able to meet that demand with real-time digital payments. Customers can choose from several acquiring bank sponsors, route and automatically reroute payments and cross-party reconciliation services, among other things.
"There has been significant growth in push payments driven by increased customer demand for instant access to funds," said Cecilia Frew, senior vice president and head of Visa Direct North America, in the same press release. "We are excited that Ingo Money, one of our first enablement partners, is helping to maximize Visa Direct's capabilities to create a seamless, integrated push payment solution for end users through Ingo Money QuickConnect."