Rush Card Hires New CEO and Plans New Services

by Ben Jackson 0

UniRush LLC, the parent company for RushCard, announced that it has hired Ron Hynes, a former MasterCard Executive, as its new CEO and that it plans to offer new services for cardholders.

UniRush, the parent company for RushCard, announced Thursday that it had appointed a new chief executive. Ron Hynes, who previously worked at MasterCard and worked most recently at mobile payments startup Mozido, replaces former chief executive Rick Savard, who took the helm in 2014.

The company plans to offer a larger range of services to help its customers manage their money and possibly build credit.

Simmons said the new services the company will introduce include an option RushCard plans to roll out over the next several weeks that gives card-holders the ability to temporarily freeze access to their accounts if they worry their card was lost or stolen. He said he is open to researching new credit scoring models that might make it easier for people to qualify for mortgages based on payments that aren’t traditionally factored into their credit score, such as a rent payment. He also said the company would look into services that appeal to “affluent” customers who want to do more of their banking online.

RushCard has continued to face scrutiny from an outage last October when it was switching processors, and it now is in the same place as the rest of the prepaid industry in facing an uncertain future due to regulations from the Consumer Financial Protection Bureau. The company has shown a willingness to adapt to changing conditions, so it will need to continue to be flexible in order to be successful in a new operating environment.

Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group

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