Skylight Financial

About Skylight Financial

Skylight Financial offers electronic banking and payment solutions for corporations and individuals, specializing in debit accounts and stored value card programs. It was acquired by NetSpend, a TSYS company, in July 2008. The company provides the Skylight ONE Card, a prepaid debit card that serves as an alternative to traditional paper paychecks. This payroll card program is designed for businesses of any size, including those with hourly, contracted, or geographically dispersed employees, to reduce payroll expenses and the risks associated with checks.

The service allows for direct deposit of funds into an FDIC-insured bank account, which employees can then access via a Visa or Mastercard branded debit card. Cardholders can make purchases, withdraw cash from a wide network of ATMs, and manage their accounts online. The platform also offers features like anytime alerts for account updates and the ability to use Skylight checks to withdraw funds. Skylight's business model focuses on providing a cost-effective, paperless payment solution for employers while offering a convenient and secure way for employees, particularly those who are unbanked, to receive and manage their pay.