Globalgroup Investment, mFunds Global Payment Solutions to integrate PayVault

Globalgroup will integrate PayVault to provide a virtual demand deposit account (DDA) for its consumers to pay for layaway purchases. The consumer then authorizes his/her employer to transfer a specific amount each pay period to the DDA. The amount is usually the exact amount needed to cover the payment for the online layaway item purchased by the consumer and Globalgroup will structure the specific withdrawals to coincide with the consumers pay cycle.

The PayVault account, when in effect, becomes a 3-way account between Globalgroup, and the PayVault bank. Under agreement with the consumer, Globalgroup would be the only entity authorized to draw funds from the account and the customer cannot otherwise spend the funds as they will not have a check book or debit card associated with the account. Conversely, if the customer decides chooses to cancel the order, any remaining funds (less a small cancellation fee) would be returned to the consumer via a branded prepaid debit card issued by the PayVault bank.