Unbanked can have their accounts for prepaid transactions with FIS

A provider of banking and payments technology FIS™ announced the launch of a low-cost, prepaid electronic financial account solution for consumers to make electronic deposits and payments as an alternative to a traditional demand deposit account (DDA) or general-purpose reloadable (GPR) prepaid card.

The new prepaid electronic financial account is pre-funded with deposits and value-loading transactions and provides simplified financial services to a variety of consumer segments, including the unbanked and underbanked. Being untied to a checking account, this FDIC-insurable account can be offered by both financial institutions and non-financial organizations, such as leading retailers. Unlike other conventional DDA account or GPR prepaid card, the electronic account exclusively supports all forms of electronic payments and eliminates costly paper documents such as monthly statements and account opening documentation.

Customers can access the prepaid electronic financial account via the most common self-service channels including online, point-of-sale (POS), ATM, interactive voice response (IVR), call center and mobile. Account holders can conduct payments using widely accepted payment networks (including NYCE® Payments Network, Visa® and MasterCard®), initiate payments to billers and electronically transfer funds between accounts.