Metabank has launched a new payments platform to help its partners disburse funds almost instantly, according to a release by the company.
The new platform includes Mastercard Send, a push payments service designed to rapidly send money in the U.S. and also across borders. With Send, Metabank partners can direct and disburse money to U.S. debit or reloadable prepaid cards for payment of tax refunds, government aid, healthcare and insurance claims and payments to gig economy workers.
Metabank provides financial solutions to customers and businesses in what it considers niche and underserved markets, with a belief in financial inclusion for everyone.
The Metabank payments platform also includes wire transfers, ACH origination and other payment services.
“We’re committed to leading the enablement of new payments technology, which is why we are thrilled to announce the launch of our faster payments platform. This innovation will create real opportunity for our partners, ultimately enabling businesses to grow, be more efficient and issue payments more quickly,” said Sheree Thornsberry, Meta EVP and Head of Payments. “This platform enables our partners to deposit funds in near real-time, providing quicker access to funds for consumers and improved cash-flow for businesses.”
Mastercard’s research shows that people prefer card-based payments solutions because they provide an experience that customers enjoy.
“Digital connectivity is opening up new ways of doing business,” said Jess Turner, executive vice president of digital payments and labs in North America for Mastercard. “Mastercard Send is designed to work with banks, businesses, digital players, governments and more. It helps them to speed up the way they send money, domestically and cross border, and transform the user experience.”
Metabank is one of the biggest providers of prepaid cards in the United States, and it said it issued upwards of 1 billion cards in collaboration with banks, businesses, payment providers and program managers.