Green Dot is helping consumers gain access to their relief payments as a part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, a move that will likely prop up the company’s banking-as-a-service business.

Through an existing partnership with Walmart, the Pasadena, Calif.-based Green Dot allows the retail giant’s customers to create a direct deposit account from home through Walmart’s MoneyCard, a prepaid card and budgeting tool launched in 2006. The relief funds will be distributed electronically, so recipients don’t have to wait for a printed check.

Green Dot has 20 years of experience disbursing tax refunds, which could help the company distribute the stimulus funds since the government processes both the same way, according to Michael Keeslar, general manager of consumer accounts at Green Dot Corporation. In fact, Green Dot is “one of the largest tax processing companies in the country,” he said.

Green Dot is the issuing bank and program manager for the Walmart MoneyCard program, thanks to an expanded partnership agreement in October 2019 that solidified Green Dot’s backing of the program until 2027. There are “millions” of Walmart MoneyCards in the market, Keeslar noted. The MoneyCard provides alternative financial services to underbanked customers who may not have access to traditional banking. The program includes a personalized debit card that can be used at any location where a Visa or Mastercard is accepted.

Green Dot has established itself as a leader in the prepaid card market, offering its products through 100,000 retailers in the U.S., including CVS, Dollar General and Kroger, in addition to Walmart. Founded in 1999, the company provides a variety of financial services products, including deposit account programs, reloadable prepaid debit cards, consumer and small business checking accounts. It also runs its own mobile bank account called “Unlimited by Green Dot.”

Green Dot and Walmart are waiving the monthly maintenance fee for new MoneyCard customers through June 30, and have increased the maximum check-cashing amount to $7,500 from $5,000.

“The IRS recently provided additional ways for stimulus recipients to set up direct deposits, so they can access their funds faster,” Walmart U.S. Chief Customer Officer Janey Whiteside wrote in a statement.  “But we know this does not provide a solution for customers who don’t have traditional bank accounts or, for other reasons, have come to rely on our stores to cash checks.”

Customers who sign up for a MoneyCard account receive access to bank account information, which is necessary to set up a direct deposit through the IRS portal. New users must load $500 to the card from their stimulus checks to ensure the offer is being used by people receiving government funds, according to Keeslar.