OnDeck announced agreements with Ingo Money and Visa to enable real-time funding of loans to small businesses via their debit cards, powered by Visa Direct. OnDeck will be the first company in the online lending industry to offer real-time access to capital via a customer's existing small business debit card.

The move by OnDeck comes in response to small business demand for improved cash flow and faster payment experiences. A recent survey found 70% of small business owners report they have a small business debit card, and of those without debit cards, 87% of them said they would get a new debit card to take advantage of real time transfers. OnDeck plans to use Visa Direct through Ingo Money's technology platform to disburse loan proceeds securely in real time to its line of credit customers via their existing small business debit cards. Visa Direct is Visa's real-time push payments platform allowing companies to leverage Visa's global scale to develop faster payments solutions for ubiquitous reach to consumers or small businesses with a debit card.

"Over the last decade, OnDeck has grown to be the largest online lender to small businesses by relentlessly innovating and unleashing new technologies that benefit small business owners," said Noah Breslow, CEO of OnDeck. "By partnering with Ingo Money and Visa to deliver real-time capital to our customers, we will empower small businesses in the next decade to achieve their goals with the fastest and most flexible credit solutions in the market."

"Small business owners increasingly expect their money to operate at Web speed," said Ingo Money CEO Drew Edwards. "OnDeck is pioneering real-time money loan disbursements for small business customers, delivering an enhanced lending experience for borrowers while saving time and money over traditional check and ACH disbursements."

"Thanks to big data and new technology, online lenders like OnDeck can underwrite a small business customer in minutes, however, it still may take days to actually get the money into the customer's bank account," said Cecilia Frew, Head of Visa Direct, North America. "By adding push-to-card capabilities, the funds now reach the customer's account in minutes, and even on weekends and holidays. Leveraging the Visa Direct platform, Ingo and OnDeck can now quickly bring innovative solutions that solve a meaningful pain point for small businesses – faster access to cash flow and liquidity."

Ingo PushTM, the turnkey push payments service from Ingo Money, allows OnDeck customers to receive funds via a vast network of eligible debit or prepaid card accounts, including eligible Visa cards; online and mobile wallets; and a network of more than 40,000 cash-out distribution points.

Ingo Money's "push payments in a box" solution provides the ability to send funds instantly to millions of cards with speed and reliability, built-in PCI-compliant payment interfaces, and bank sponsorship and security checks through one simple API integration. As part of the agreement with OnDeck, the Ingo Money platform will manage regulatory, network routing, risk management and reconciliation needs for the company.

OnDeck plans to offer the Instant Funding service to its Line of Credit customers beginning in early 2018.