|By Business Wire||
|January 8, 2014 11:29 AM EST||
Ingo Money (“INGO®”) announced today that it is deepening its relationship with First Tennessee Bank, a part of First Horizon National Corp. First Tennessee initially launched a beta program for 47 of its branch locations with the Ingo Enterprise Good Funds solution in January 2013 and is now adding more than 120 additional branch locations to the Ingo Enterprise Solutions platform.
“We have always been committed to offering innovative products and services that provide value and convenience for our customers,” said David W. Miller, EVP of Consumer Banking, First Tennessee Bank. “The relationship with Ingo Money has allowed us to continue this mission by offering our consumers choices about when and how they get their funds.”
Ingo Money is a leading provider of financial risk management solutions, having successfully managed funding risk for some of the largest financial institutions in the industry over the past 12 years. Its automated approval technology and 24/7 risk assessment teams lead the market, allowing Ingo to guarantee irreversible funds in minutes on all check types and sizes and across multiple channels including: teller, ATM and mobile. In doing so, Ingo Money enables its Enterprise clients to offer their consumers the choice of getting their funds without recourse in minutes in whatever channel is most convenient to them.
“I am very pleased with the results of the beta with First Tennessee Bank – and with the partnership overall,” said Drew Edwards, founder and CEO, Ingo Money. “We developed the early versions of our technology while operating bank branches in Atlanta where we cashed any type and size of check. Today, we are proud to have thousands of bank and alternative financial locations across the country offering their consumers more deposit and cash choices at their tellers, and on their kiosks, ATMs, and smartphones.”
Today more and more banks utilize Ingo not only to offer check cashing in their branches but also to offer fee-based irreversible deposits in minutes at their teller lines, ATMs, kiosks and on mobile devices. Ingo was the first company in the market to successfully offer Mobile Remote Deposit Capture (“mRDC”) of any check type onto prepaid cards with full funds availability within minutes, and more recently, has moved into full commercialization of another industry first, the market’s only open mRDC network for prepaid leveraging the existing payments infrastructure to speed market adoption.
About First Horizon
The 4,300 employees of First Horizon National Corp. (NYSE:FHN) provide financial services through more than 170 bank locations in and around Tennessee and 21 FTN Financial Group offices in the U.S. and abroad. First Tennessee Bank has the leading market share in Tennessee and one of the highest customer retention rates of any bank in the country. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional clients in the U.S. and abroad. First Horizon has been recognized as one of the nation's best employers by AARP and Working Mother magazines. More information is available at www.firsthorizon.com.
About Ingo Money
Ingo Money, Inc® (formerly Chexar Networks, Inc.) has provided financial services to hard working individuals in the U.S. for 12 years. Ingo Money’s solutions enable consumers to convert any check into Good Funds” defined as money that is safe to spend because it doesn’t carry the risk of reversal. We believe that the population needs Good Funds solutions that give them easy and affordable control over their money.
The company’s solutions include a consumer direct remote deposit capture network Branded Ingo® delivered on smartphones and a white label commercial solution branded Ingo Enterprise® that powers banks and AFS companies to offer Good Funds across all of their channels including branch, ATM and smartphones. Today consumers access Good Funds from thousands of bank and AFS locations, ATMs, Kiosks, and mobile devices around the nation.
Ingo Money is located in Georgia where it operates a data center, and two risk management centers employing almost 150 professionals. Ingo Money’s clients include some of the largest banks, AFS providers and payment networks in the world.