Fintech Select Ltd. V.FTEC

Nice article,,,

[sammy67]

I thought I would share.

Toronto’s Benefits Card: Doing More with Less

 

 

The city of Toronto faced a growing need to streamline the disbursement of social benefits. And to reduce the cost of collecting the funds for those recipients, since one in four do not have a bank account to receive direct bank deposits.

To face this challenge, the city developed the Instant Issue City Services Benefits program: a new  prepaid card from Council Lead Partner MasterCard that can be instantly issued with secured printing, personalization and encoding, at any one of the 15 Toronto Employment and Social Services offices. Funds are loaded on the prepaid card, which is then usable anywhere by the recipient.

Switching from direct deposits and check cashing services generated huge savings for both recipients and the city. Published estimates claim more than $250 a year can be saved for a single client receiving $600 a month. The city itself expects net savings of at least $2.5 million annually by eliminating the cost of issuing checks.

Finally, this new digitalized instrument also provides the city of Toronto with a powerful tool to get more insights on social assistance recipients and their specific needs through the understanding of their spending behaviors.

DATE: 

10/30/2013