Challenger bank Current partners with Incomm & introduces cash deposits feature

By Pavithra R

InComm, a leading payments technology company, has announced its partnership with Current, a leading U.S. challenger bank serving Americans overlooked by traditional banks. The companies have also announced a product solution that will enable Current members to make cash deposits to their bank accounts at major brick-and-mortar retail chains across the country.

Current’s recent survey conducted with its 1.4 million members has revealed that the ability to make cash deposits as the most-requested product feature. The new feature will enable Current members to deposit cash to their accounts at some of the recognized retail chains, including 7-Eleven, Dollar General, and Family Dollar. The cash deposit solution is powered by InComm’s VanillaDirect platform that delivers a barcode via the Current mobile app, which users scan at the register of participating VanillaDirect retailers to deposit cash to their accounts instantly.

“Helping an exciting new partner like Current meet the needs and expectations of its customers is what InComm prides itself on. Our VanillaDirect mobile barcode solution is perfectly aligned with Current’s vision of bringing financial services to its customers, and in this instance providing their customers with a simple and convenient experience for making cash deposits in an extensive network of retail locations across the United States,” said Tim Richardson, Senior Vice President at InComm.

2020 has emerged to be a year of record growth for Current, surpassing 1 million members less than a year and a half since the launch of its personal checking accounts, as demand for mobile banking with faster access to funds increased. The firm expects to surpass 2 million members by year-end.

“Over 130 million people in this country live paycheck to paycheck and are not being properly served by traditional banks built on legacy infrastructure. Our rapid growth speaks to the demand for alternative banking solutions and we are committed to helping provide all Americans better access to their money, including the ability to deposit cash to their Current accounts. InComm’s technology is the perfect fit for our members who wish to conveniently and reliably digitize their cash,” said Stuart Sopp, CEO, and Founder, Current.

The new feature is available to all Current customers and will be rolled out to approx—60,000 participating retail locations in the VanillaDirect network by the end of 2020.

Recently, Incomm launched American Express Virtual Reward Card.

Established since 1992, InComm is building value to transactions through innovative payment technologies. The company creates seamless and valuable commerce experiences and offers unique products and services, ranging from gift card malls to enhanced payment platforms. Incomm has over 500,000 points of distribution, 386 global patents, and presence in more than 30 countries.