With the outbreak of COVID-19 accelerating the shift of over a hundred million consumers toward digital and mobile experiences, and with banks and AFS providers either slowing down or shutting their doors during lockdown, our company was well-positioned to provide a digital payments alternative,” says Drew Edwards, CEO of Ingo Money. He details the specific changes Ingo made in response to the pandemic, including a massive technology expansion.
The following is an excerpt from What Did You Change?, contributed by Drew Edwards, CEO of Ingo Money.
Since our company began, we have been on a mission to transform the way people get paid. By delivering a modern, digital payments experience featuring payee choice, we provide consumers and businesses with instant access to their money and better control over their cash flows.
With the outbreak of COVID-19 accelerating the shift of over a hundred million consumers toward digital and mobile experiences, and with banks and AFS providers either slowing down or shutting their doors during lockdown, our company was well-positioned to provide a digital payments alternative.
The most significant change we made in response to the pandemic was to fast-track a massive expansion of our technology infrastructure – increasing our capacity and ensuring stability – to support an expected surge in volume. The surge would be driven in large part by the economic assistance provided by the CARES Act, but also through our partners, who urgently moved to communicate our instant, digital payment solution to their customers.
Our ability to be nimble and to react quickly to scale the business during this time meant that consumers and small businesses that were in dire need of funds received real-time access to their money. Not only were funds instant, but they came with choices about where to receive them, so they could go to an account the business already owned. Not only is that less hassle for the recipient, but it’s critical when time is of the essence.
As we look ahead to the future of disbursements in a post-COVID environment, we know that a behavioral shift toward digital adoption among consumers is likely to be permanent, compounded by a growing expectation to be paid just as quickly as one can pay in an eCommerce setting. As a result, we have seen corporate entities move with a sense of urgency, searching for digital disbursement solutions and urging their treasury banks – necessary parties to the transaction – to meet the infrastructure requirements.
As more banks and businesses look to offer their clients and customers real-time payment choices, the technology investments we have made to scale our platform will allow us to support the growth and continue to deliver a seamless, digital, 24/7, on-demand experience that varies by industry and across use cases.