18.02.09 08:05 Age: 2 yrs
Paycard Pioneer Directo, Inc. Celebrates Ten Years of Service to the Unbanked
Category: Press Release
Directo, Inc., a leading provider of paycards for unbanked consumers, announced its ten year anniversary.
(ATLANTA - February 2009) Directo, Inc., a leading provider of paycards for unbanked consumers, announced its ten year anniversary.
"We are all very proud of this accomplishment and grateful to our customers and employees who helped get us here," said Directo CEO Bob Howe.
Founded in November 1998 by internet banking pioneer Steve Johnson, Directo has served hundreds of thousands of unbanked workers and their employers. Directo paycards have allowed companies to save payroll costs and improve worker productivity by increasing direct deposit participation through pre-qualified paycard accounts for those previously unable to benefit from the electronic banking system. Directo accountholders no longer need expensive and time consuming trips to check cashers, often on company time. They also send money to loved ones at a fraction of the cost of traditional methods.
"We've seen a great deal of growth over the years as demand caught up with technology," said Directo CEO Bob Howe. "At the same time, we've seen dozens of companies come and go, trying to crack into this marketplace. I think we've done a good job carving our a niche, remaining laser focused on what we do well. In this current economic climate, companies are scrutinizing all expenses and looking for ways to retain their best workers. As a result, we are seeing an increase in demand for Directo payment solutions."
A recent report by the FDIC encourages banks to utilize paycards as a way to support the unbanked worker. Directo is uniquely positions to help financial institutions that would like to outsource this product set to a trusted, experienced partner.
With unprecedented issues surrounding the banking industry, bankers can introduce a low risk, easy recommendation to their customers that have a lower waged workforce.
"In spite of the trends and increased interest in Directo," Howe said, "we are most proud to be able to provide a low cost, safe product to workers who cannot or chose to not use a traditional banking product to handle their money. Especially in this day and age, every dollar counts and for many, Directo saves workers up to $30 a month.
"We've seen paycards go from novelty status to necessity in human resource and payroll circles," said Howe. "Directo's business model has proven to be solid. We'll continue to provide cost savings and financial security to our customers for a long time to come. The next ten years are going to be just as exciting."
