Metabank, a federally chartered savings bank headquartered in South Dakota, has introduced its faster payments platform to enable instant disbursement of funds.
The platform will include Mastercard Send, a push payments service that facilitates local and cross-border fund transfer quickly.
The offering will enable Metabank partners to disburse money to US debit or reloadable prepaid cards.
This can be used for a range of purposes such as payment of government aid, tax refunds, healthcare and insurance claims as well as gig economy workers.
Mastercard executive vice president of digital payments and labs for North America Jess Turner said: “Mastercard Send is designed to work with banks, businesses, digital players, governments and more.
“It helps them to speed up the way they send money, domestically and cross border, and transform the user experience.”
Metabank also offers wire transfers and ACH origination, among other services.
Commenting on the development, Meta EVP and head of payments Sheree Thornsberry said: “This innovation will create real opportunity for our partners, ultimately enabling businesses to grow, be more efficient and issue payments more quickly.
“This platform enables our partners to deposit funds in near real–time, providing quicker access to funds for consumers and improved cash-flow for businesses.”