MetaBank Launches Faster Payments Platform

MetaBank has announced the launch of its faster payments platform, which will enable its partners to disburse funds in near real-time. One of the first new offerings on this platform is Mastercard Send, a push payments service for sending money domestically and cross-border. MetaBank’s suite of solutions also includes ACH origination and wire transfers.

With Mastercard Send, partners can disburse funds to US debit or reloadable prepaid cards for immediate payment of insurance claims, healthcare claims, government aid, tax refunds, and gig economy workers, for example.

Meta’s expertise as an issuer of payments services coupled with card-based faster payments can provide opportunities in addition to prepaid card and ACH services. According to research by Mastercard, card-based, faster payments solutions provide a superior customer experience – strengthening customer engagement and loyalty.