iDirect Deposit™ (iDD) is the iStream solution for Financial Service Centers that enables the unbanked/underbanked to receive direct deposit payments at a secure location, such as a check cashing outlet or financial service center.
iDirect Deposit™ allows the unbanked/underbanked a solution to not only to receive their payments more rapidly when compared to receiving a check in the mail, but to also take care of other financial related transactions at the same time.
iDD was designed to provide the unbanked/underbanked population a choice when it comes to providing them options for how and when they want to receive government, state (where available) and payroll payments. They are no longer constrained to the antiquated process of having to wait for a check to arrive in the mail or being forced to have funds loaded onto a prepaid card/program.
An additional benefit of iDD is that the service is provided on a fixed fee basis, in a FDIC insured account. This is far more favorable to the consumer when compared to the variable fee structure and lack of insurance that typically is associated with pre-paid card options.
This program effectively allows a Financial Service Center to offer a program that truly differentiates them from the competition, while still being able to offer their core services.
To participate in the program, a financial service center must be underwritten by iStream to become a participant in the program.
Upon obtaining successful underwriting status, the financial service center can begin offering the iDD program to customers. The process is simple, an interested customer is enrolled online by a Customer Service Representative of the Financial Service Center (FSC).
There are three basic requirements: the completion and signature of an application, providing a primary ID as well as a secondary ID to confirm proper and positive identification.
Upon successful application and identification validation, iStream enrolls the recipient in the respective federal or state (where available) program or provides the recipient with the account information necessary to provide an employer with the details required facilitate direct deposit of payroll.
Once a payment has become available for a recipient, a check is created at the secure location that then in turn be cashed and other financial transactions be facilitated.
iDD Program Features
Proactive e-mail and/or text notification of payments for Financial Service Center alerting recipients that payments have come in. As the timing of payments can differ month-to-month, this serves an effective manner to enable customers to receive their funds in the most timely manner possible.
The Interactive Voice Response (IVR) system allows recipients to check the status of anticipated payment(s) timing for arrival. The IVR offering drastically reduces the incoming call volume at the FSC level.
A mobile application and text messaging notifications are also available to provide customers insight as to the status of their payments, in real-time.