The First Prepaid Card with Remote Deposit Capture Is Announced

by Mercator Advisory Group 0

Mercator Advisory Group has stated that it expects Remote Deposit Capture (RDC) to have a major impact on the prepaid industry. Now the first remote deposit capture enabled prepaid card has been announced.

FirstView Financial, a processor and program manager, has partnered with Chexar for the check cashing component and Cachet Financial for the remote deposit capture technology, thereby enabling RDC to cardholders:

“Chexar Networks, Inc. (“CHEXAR®”), announced today that they have reached an agreement with Cachet Financial Solutions (“CACHET”) and FirstView, LLC (“FIRSTVIEW”) to enable real time mobile deposit capture with immediate availability of funds on FirstView prepaid debit Mastercards. Consumers with the Cachet mobile check-capture application on their Android, Blackberry or iPhone devices will be able to snap a picture of any check and, if approved, receive immediate funds availability on their FirstView prepaid debit Mastercard. The companies expect to launch this new service before year end.”

Adding RDC to the prepaid account will enable significant value to cardholders by increasing both convenience and liquidity. This will ultimately challenge alternative financial services providers that don’t embrace prepaid technology.

So far FirstView Financial is first in what will almost assuredly become a parade of RDC enabled products, but they have certainly demonstrated initiative and will always be able to claim first to market. Let the parade begin!

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