InComm, a payments technology company, and Current, a U.S. challenger bank serving Americans overlooked by traditional banks, announced a partnership and 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.
The ability to make cash deposits was the most-requested product feature in a recent survey conducted with Current’s 1.4 million members. This new feature will enable Current members to deposit cash to their accounts at some of the most recognized retail chains across the country, including 7-Eleven, Dollar General and Family Dollar.
This cash deposit solution is powered by InComm’s VanillaDirect platform, which delivers a barcode via the Current mobile app that users scan at the register of participating VanillaDirect retailers to instantly deposit cash to their accounts.
“Helping an exciting new partner like Current meet the needs and expectations of its customers is what InComm prides itself on,” said Tim Richardson, Senior Vice President at InComm. “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.”
Current has experienced record growth in 2020, surpassing one 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. Current expects to surpass two million members by the end of this year.
“Over 130 million people in this country live paycheck to paycheck and are not being properly served by traditional banks built on legacy infrastructure,” said Current CEO and Founder Stuart Sopp. “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.”
This feature is now available to all Current customers and will roll out to approximately 60,000 participating retail locations in the VanillaDirect network by the end of 2020.