The pilot represents a key milestone in the electronification of millions of tax refunds and the ability to deliver a reasonably priced financial product to millions of households

WASHINGTON--(BUSINESS WIRE)-- Today the U.S. Treasury Department launched a national pilot to deliver prepaid cards at tax time. The pilot is the first step in delivering Federal personal income tax refunds via a prepaid card. Green Dot, one of the largest prepaid card companies in the U.S., was chosen as the card provider.

“CFSI is pleased to see the Treasury’s choice of a GRP card to deliver tax time accounts,” said Melissa Koide, policy director, Center for Financial Services Innovation. “It bolsters the credibility of a quickly maturing market already well versed in serving low-income consumers. The pilot is an excellent start to bringing low cost transaction and savings products to millions of tax filers.”

The pilot program, which was deeply informed by the Center for Financial Services Innovation’s SAFE-T Accounts proposal, is a significant step in paving the way for the growth and the potential utility of such financial products and broadens the overall market for these and a variety of other financial services and products.

According to CFSI, the Federal government could potentially save tens of millions of dollars a year through issuing refunds electronically in lieu of much more costly paper checks.

CONTACT:

Lorie Bonham
Communications Director, CFSI
T: 312-881-5807
lbonham@cfsinnovation.com
www.cfsinnovation.com

KEYWORDS:   United States  North America  District of Columbia

INDUSTRY KEYWORDS:   Small Business  Public Policy/Government  Other Government  Other Policy Issues  Public Policy  White House/Federal Government  Professional Services  Accounting  Banking  Consulting  Finance

MEDIA: