NEW YORK, Oct. 23, 2017 /PRNewswire/ -- OnDeck® (NYSE:
ONDK), the nation's largest online lender to small business,
announced today agreements with Ingo Money and Visa to enable
real-time1 funding of loans to small businesses via
their debit cards, powered by Visa Direct. OnDeck will be the first
company in the online lending industry to offer real-time access to
capital via a customer's existing small business debit card.
The move by OnDeck comes in response to small business demand
for improved cash flow and faster payment experiences. A recent
survey found 70% of small business owners report they have a small
business debit card, and of those without debit cards, 87% of them
said they would get a new debit card to take advantage of real time
transfers.2 OnDeck plans to use Visa Direct through Ingo
Money's technology platform to disburse loan proceeds securely in
real time to its line of credit customers via their existing small
business debit cards. Visa Direct is Visa's real-time push payments
platform allowing companies to leverage Visa's global scale to
develop faster payments solutions for ubiquitous reach to consumers
or small businesses with a debit card.
"Over the last decade, OnDeck has grown to be the largest online
lender to small businesses by relentlessly innovating and
unleashing new technologies that benefit small business owners,"
said Noah Breslow, CEO of OnDeck.
"By partnering with Ingo Money and Visa to deliver real-time
capital to our customers, we will empower small businesses in the
next decade to achieve their goals with the fastest and most
flexible credit solutions in the market."
"Small business owners increasingly expect their money to
operate at Web speed," said Ingo Money CEO Drew Edwards. "OnDeck is pioneering real-time
money loan disbursements for small business customers, delivering
an enhanced lending experience for borrowers while saving time and
money over traditional check and ACH disbursements."
"Thanks to big data and new technology, online lenders like
OnDeck can underwrite a small business customer in minutes,
however, it still may take days to actually get the money into the
customer's bank account," said Cecilia
Frew, Head of Visa Direct, North
America. "By adding push-to-card capabilities, the funds now
reach the customer's account in minutes, and even on weekends and
holidays. Leveraging the Visa Direct platform, Ingo and OnDeck
can now quickly bring innovative solutions that solve a meaningful
pain point for small businesses – faster access to cash flow and
liquidity."
Ingo PushTM, the
turnkey push payments service from Ingo Money, allows OnDeck
customers to receive funds via a vast network of eligible debit or
prepaid card accounts, including eligible Visa cards; online and
mobile wallets; and a network of more than 40,000 cash-out
distribution points.
Ingo Money's "push payments in a box" solution provides the
ability to send funds instantly to millions of cards with speed and
reliability, built-in PCI-compliant payment interfaces, and bank
sponsorship and security checks through one simple API integration.
As part of the agreement with OnDeck, the Ingo Money platform will
manage regulatory, network routing, risk management and
reconciliation needs for the company.
OnDeck plans to offer the Instant Funding service to its Line of
Credit customers beginning in early 2018.
About OnDeck
OnDeck (NYSE: ONDK) is the leader in
online small business lending. Since 2007, the Company has powered
Main Street's growth through advanced lending technology and a
constant dedication to customer service. OnDeck's proprietary
credit scoring system – the OnDeck Score® – leverages
advanced analytics, enabling OnDeck to make real-time lending
decisions and deliver capital to small businesses in as little as
24 hours. OnDeck offers business owners a complete financing
solution, including the online lending industry's widest range of
term loans and lines of credit. To date, the Company has deployed
over $7 billion to more than 70,000 customers in 700 different
industries across the United
States, Canada and Australia. OnDeck has an A+
rating with the Better Business Bureau. For more information,
please visit www.ondeck.com.
About Ingo Money
Ingo Money is the instant money
company. Founded in 2001 with a mission to digitize the paper
check, our push payments technology enables businesses and banks to
disburse instant, safe-to-spend funds to more than four billion
consumer debit, prepaid, credit, private label credit and mobile
wallet accounts. This transformation of traditional payments helps
businesses reduce cost and delays while dramatically improving the
consumer experience. Headquartered in Atlanta, you can learn more
at www.ingomoney.com, or biz.ingomoney.com. Follow us on
LinkedIn, Google+ and Twitter.
About Visa Inc.
Visa Inc. (NYSE: V) is the
world's leader in digital payments. Our mission is to connect the
world through the most innovative, reliable and secure payment
network - enabling individuals, businesses and economies to thrive.
Our advanced global processing network, VisaNet, provides secure
and reliable payments around the world, and is capable of handling
more than 65,000 transaction messages a second. The company's
relentless focus on innovation is a catalyst for the rapid growth
of connected commerce on any device, and a driving force behind the
dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For
more information,
visit usa.visa.com/aboutvisa, visacorporate.tumblr.com and @VisaNews.
1.
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Actual fund
availability varies by financial institution. Visa requires U.S.
issuers to make funds available to its cardholders within a maximum
of 30 minutes of approving the transaction.
|
2.
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Source: Visa Inc. US
Small Business Debit Card Survey, September 2017
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PRESS CONTACTS:
Jim Larkin
OnDeck
203-526-7457
jlarkin@ondeck.com
Michael Azzano
Cosmo PR for Ingo Money
415.596.1978
michael@cosmo-pr.com
Sarah Hamblen
Visa Inc.
shamblen@visa.com
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SOURCE On Deck Capital, Inc.