FIS, a provider of banking and payments technology, has unveiled a new low-cost, prepaid electronic financial account solution that enables consumers to make electronic deposits and payments as an alternative to a traditional demand deposit account (DDA) or general-purpose reloadable (GPR) prepaid card.

FIS said its prepaid electronic financial account offering is funded in advance by deposits and value-loading transactions and provides simplified financial services to a variety of consumer segments, including the unbanked and underbanked – collectively defined as the underserved.

Because it is not tied to a checking account, this FDIC-insurable account can be offered by both financial institutions and non-financial organizations, such as retailers.

According to the company, unlike a traditional DDA account or GPR prepaid card, the electronic account exclusively supports all forms of electronic payments and eliminates paper documents such as monthly statements and account opening documentation.

The prepaid electronic financial account can be accessed via the common self-service channels including online, point-of-sale (POS), ATM, interactive voice response (IVR), call center and mobile.

Account holders can conduct payments using widely accepted payment networks (including NYCE Payments Network, Visa and MasterCard), initiate payments to billers and electronically transfer funds between accounts, said FIS.

FIS executive vice president for Payment Solutions Group Frank D’Angelo said that the introduction of this account type underscores FIS’ leadership position as a provider of innovative, market-driven solutions and a pioneer of the next generation of payments.