Liberty Tax has entered the banking area.

The tax preparation chain has launched a banking-as-a-service cellular app known as DeepBlue Debit, which has no minimal steadiness necessities and no credit score verify past government-mandated verification of identification.

It’s billed as providing Liberty’s 16 million prospects sooner direct deposit of refunds, account-to-account transfers, cellular verify seize, a budgeting device and choices for payback packages, high-yield financial savings, and overdraft safety, amongst different options.

“Our funding on this new expertise, constructed from the bottom as much as provide a seamless and satisfying buyer expertise, is one other step in our technique to construct a complete set of complementary monetary providers options for our prospects,” mentioned Brent Turner, Liberty Tax CEO, in an announcement. “We consider our prospects will recognize the worth and effectivity of managing a rising array of their monetary providers wants all from the comfort of a cellular software.”

Liberty has firm amongst prep giants: Late final month, H&R Block launched its digital financial institution, Spruce, with providers much like DeepBlue and concentrating on low- to moderate-income prospects who lack sturdy banking relationships.

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