MCX adds BIM guaranteed ACH payments to CurrentC app

by Sarah Grotta 0

CurrentC, the mobile payment app devised by the retailer consortium MCX has added some much needed enhancements. Finextra reports that the app has vastly improved the consumer set up process which takes days to accomplish now. Also, although no details were provided, CurrentC is offering a zero liability policy for unauthorized transactions:

The BIM solution also enables a more streamlined account provisioning process, and incorporates several technologies to reduce the typical 1-3 day enrollment authentication process to less than 60 seconds in many cases. The BIM solution offers fast account verification for more than 90 percent of the checking accounts in the U.S. and more than 3 million customers already exist on the BIM platform due to the company’s existing partnerships. To further protect CurrentC™ consumers, our zero-liability policy protects consumers in the event unauthorized or fraudulent charges are made to their checking account as a result of unauthorized ACH transactions processed through BIM.

These features, combined with CurrentC’s couponing capabilities may give Apple, Android, and Samsung Pay a run for their money. That is once the app can be used in more places than Columbus, OH. A national rollout is promised for some time in 2016.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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