Underserved financial service organizations are confronted with a fast-changing U.S. market for prepaid check to card and mobile capture technology. The addition of these new products is not an option, but how much of the cost and operational burden the FSO bares can very manageable. CPI offers the products and services that help you effectively manage these challenges and create a competitive advantage. We support an impressive customer base across the underserved industry and can provide fluent and effective solutions to assist your check cashing, mobile application and settlement strategy.
CPI and CHEXAR Networks, Inc. (CHEXAR), multi-year partners in the underserved industry have co-developed a new product called “Deposit Choice”. This open access architecture accelerates speed to market, provides sophisticated consumer options and back office settlement integration for clients and application developers. We are confident this architecture and proprietary technology will redefine how the FSO industry implements check guarantee and settlement technology.
The good news: Prepaid is growing, not just in the United States, but globally. And features—such as loyalty, mobile payments and remote deposit capture — will be driving much of that growth.
Source: Paybefore, Article, Jan 2012
What hasn’t already been said about the acceleration of mobile deposit capture in the payment sector? Low cost acquiring devices in conjunction with advanced remote deposit capture (RDC) features will be the catalyst in changing consumer behavior and is already reshaping the prepaid landscape as we know it. As card companies move their focus from traditional competitors and adopt “check to card” cash conversion strategies, our years of development in this technology had positioned us as the perfect enabler for the convergence of mobile, remote deposit and check cashing and our position was no accident. CPI has been an RDC and payments innovator in the check cashing industry for years. We have designed and implemented numerous industry specific features and functions that most have not yet experienced but can be found within many of our established relationships.
Over five years of in-house remote deposit development experience and 3 years at an integrated level with CHEXAR Networks, Inc. offers a tremendous edge to our clients. No where else can an instant guarantee and delayed deposit be settled through a single API and no other platform provides the dual deposit across mobile, ATM, and retail capture points. The most successful prepaid programs going forward will depend on how well remote deposit capture, guarantee and mobile are integrated and executed. Is there really any other DEPOSITCHOICE™?
An impressive list of prominent software development integrators across a variety of industries utilize CPI’s application program interface (API). This powerful API harness offers integrators a high degree of flexibility and promotes the use of your host application to transparently imbed Check 21 RDC technology in a simple, quick and cost effective manner. CPI’s platform supports a number of capture technologies including mobile, ATM and Internet based capture devices.
Clients such as ACS Technologies, the nation’s largest non-profit faith based systems integrator manages nearly 50,000 churches and CHEXAR the premier check cashing provider to the undeserved industry utilize our API 24/7/365 to manage, processing and settlement of their clients contributions.
At ACS Technologies, we’re always in search of technologies and partners that bring value to the 50,000 faith-based clients we serve. Clear Payments has been a great resource and partner, and we’re excited to roll out this new, integrated product.
Craig Hearon, Chief Financial Officer
Corporations with significant check volume and those who manage check receivables from multiple collection points (either individual persons or locations) require sophisticated reconciliation and cash concentration management. Similar challenges are presented when mobile or field collections are required.
CPI has designed and implemented a number of projects with national companies to assist in engineering a streamlined and coordinated deposit-through-reconciliation process. Our technology offers far more flexibility than a standard bank RDC solution and capable of offering customization when necessary.
The process will maximize productivity and will deliver efficiency across your entire organization. Whether your collection points are mobile or office based, CPI can create a cohesive system and process to help operations, treasury, accounts receivable, field collection work in tandem.
475 remote deposit locations were deployed, installed and trained within 60 days, Clear Payments flawlessly designed, customized and executed the solution we needed. We streamlined 1,000 manual daily deposits to numerous banks each day into our primary corporate depository account.
Steve Harrison, CEO
US Auto (NYSE:FAC)
Banks and Credit Unions are in search of ways to replace lost interest income and the compression of fee based revenues. The recent announcement by Regions Bank’s of its forward thinking Now Banking Strategy (Regions Pursues Under-banked: Article). The underserved check cashing component utilizes the services of CHEXAR Networks approval and guarantee while CPI assists in the clearing function of non bank on us items. This partnership and technology helps banks gain exposure to the 65 million underserved consumers opening revenue, adding customers and managing retention.
Mobile banking, originally thought to be a convenience tool for established bank clients for managing delayed deposits can now be expanded to any consumer and offer instant guaranteed funding options along side delayed deposit on a single platform. The product can be added to existing mobile platforms. “Deposit Choice” is designed to make immediate non-recourse good funds and delayed traditional deposits a simple implementation, shielding the bank and credit union from risk and “know your customer” (KYC) compliance.