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Usio prepaid cards help guaranteed income programs

Thursday, July 07, 2022 — 09:52:16 (EDT)

SAN ANTONIO, Texas, July 07, 2022 (GLOBE NEWSWIRE) -- In a release issued under the same headline on June 30 by Usio, Inc. (Nasdaq: USIO), please note that the fifth item in the bulleted list should read "Arlington's Guarantee is likewise sponsoring a guaranteed income pilot program that will provide $500 to 200 low-income working families in Arlington, Virginia, for 18 months." The corrected release follows:

Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated electronic payment solutions provider, today announced the addition of several more municipally-managed guaranteed income programs, including New York, Chicago, Denver and Arlington, to the growing list of plan sponsors that have chosen the Company’s proprietary prepaid card solution for funds disbursement.

Louis Hoch, President and Chief Executive Officer of Usio, said, “Usio has clearly established itself as the leading provider of electronic payments technology for guaranteed income funds disbursement, and we are pleased to welcome these new programs to the numerous similar organizations across the United States that have chosen to integrate our card-issuing technology into their programs. Direct cash transfers using debit cards empower and enable individuals to make their own spending decisions in a convenient manner. Guaranteed income programs are just another in the growing number of governmental and similar programs across the country that are increasingly adopting card technology as the preferred method to disburse money and manage spending. We are both pleased and honored to support these efforts with a platform that recognizes and supports their goals.”

In addition to the many other applications for which government entities have chosen prepaid card solution, Usio’s proprietary technology provides guaranteed income program participants, who often don’t have bank accounts, with a simple way to access the money, using the card everywhere Debit Mastercard© is accepted. The supporting organization can easily reload funds to the cards remotely and automatically, purchases can be restricted to include or exclude particular Merchant Category Codes (MCC), and the robust platform provides entities with detailed reporting on card usage that can be quickly and easily analyzed to improve programs.

The most recent programs to choose the Usio prepaid solution include:

The Bridge Project, launched in June 2021 by The Monarch Foundation, is New York City’s first guaranteed income program. The Bridge Project is designed to support low-income mothers during the first 1,000 days of their children’s lives by providing them with consistent, unconditional cash on a biweekly basis. Selected mothers are receiving $1,000 a month for the first 18 months of the program and $500 per month for the remaining 18 months.

The Family Assistance Resource Program, in which 1,000 families in Phoenix, AZ receive $1,000 monthly from January to December 2022. A total of $12 million in federal pandemic relief funding has been earmarked as emergency financial assistance to support these residents with day-to-day expenses.

The Chicago Resilient Communities Pilot, one of the largest monthly cash assistance programs in the nation, will support 5,000 low-income households. Usio, in partnership with GiveDirectly and AidKit, will disburse $500 each month for 12 months to provide additional economic stability.

Equity and Transformation (EAT) in Chicago, Illinois, which recently launched a pilot program to provide $500 a month for 18 months to up to 55 post-incarcerated residents of the Garfield Park neighborhood. This program will evaluate the impact of guaranteed income programs in reducing poverty and creating opportunities that prevent recidivism.

Arlington's Guarantee is likewise sponsoring a guaranteed income pilot program that will provide $500 to 200 low-income working families in Arlington, Virginia, for 18 months.

The Denver Basic Income Project, in partnership with Mayor Michael Hancock’s Office and Mayors for a Guaranteed Income, has also begun a pilot program to determine the effectiveness of unconditional monthly cash payments to Denver, Colorado, residents experiencing homelessness.

“Usio has a strong team that’s focused on what is best for the cities and program recipients,” noted Ben Williams, Program Manager for The Connective, an initiative of the Partnership for Economic Innovation in Arizona. “They’ve worked hard to ensure we deliver this program quickly, maintain a consistently high service level, and make a meaningful impact on the lives of City of Phoenix residents. Usio has been a great partner for this program, and we deeply appreciate their ongoing support and efforts.”

Houston Frost, Senior Vice President of Corporate Development and Prepaid Products, added, “On behalf of the entire Usio team, I want to express my sincere gratitude and our steadfast commitment to these organizations who have entrusted us with this important responsibility. We have become recognized across the county as having the ability to quickly develop customized solutions that meets the distinct requirements of various cash assistance, incentive and general funds disbursement programs. Having now served the disbursement needs of over 200 charitable, civic, and other economic assistance programs, we have gained a keen understanding of this market. We are continuing the develop new tools and features that will enhance our ability to serve the proliferation of funds disbursement programs that see prepaid and debit card programs as a superior solution.”

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. The company, through its Usio Output Solutions division offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas, and Franklin, Tennessee, just outside of Nashville.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management's intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as "believe," "intend," "look forward," "anticipate," "continue,” and "expect" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company's business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company's growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2021. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

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Source: Company press release.