Meta Payment Systems(R) Selects Fiserv and TransUnion to Enhance Next Generation of iAdvance(SM)
SIOUX FALLS, S.D., June 19, 2008 (www.AllPayNews.com) -- Meta Payment Systems has contracted with Fiserv, Inc. and TransUnion to enhance the next generation of its award-winning iAdvance product. The partnerships enable Meta to expand its short-term, small dollar loan alternative that is accessed immediately on a MetaBank(TM)-issued prepaid card.
"Today's economic realities, coupled with limited access to responsive credit alternatives, have stretched the financially underserved consumer," said Trent Sorbe, Senior Vice President of Credit for Meta. "These same consumers have shown that they prefer our Simple, Sensible Credit(SM) philosophy over other credit options carrying indecipherable terms and exploitative billing practices. As we embark on the next generation of iAdvance, our relationships with Fiserv and TransUnion offer us industry-leading solutions for sound decisioning, processing and portfolio management -- each of which is critical to maintaining our commitment to transparency, simplicity and convenience."
"We believe our data and analytical capabilities will contribute to Meta's industry-leading approach to underwriting and portfolio management in the traditionally underserved market," said David Bowen, a Vice President in TransUnion's financial services group. "Our services allow Meta Payment Systems to make risk management decisions that will benefit both the company and its customers."
Expected to be launched in the fall of 2008, the next generation of iAdvance will offer a credit graduation process to the core product, whereby a significant percentage of consumers will find themselves graduating to increasingly lower borrowing costs and the opportunity to payoff over time. And like today, the enrollment and advance processes will take less than two minutes, funds are immediately available to borrowers on their MetaBank-issued prepaid card and repayment performance is reported to the three major credit bureaus.
"Our PLUS System's processing and receivables management solution is well suited to fulfill Meta's commitment to convenience and clarity," said Vinnie Calo, President of Fiserv Credit Processing Services. "Fiserv's ability to meet unique product requirements by customizing our industry-leading solutions will support Meta's revolutionary approach to real-time decisioning and funding."
About iAdvance(SM) Line of Credit from MetaBank and Meta Payment Systems(R)
iAdvance Line of Credit from MetaBank is designed to assist consumers with short-term cash needs. It is available to those cardholders possessing certain general use and payroll prepaid cards issued by MetaBank(TM), a federally-chartered savings bank, and administered by the Meta Payment Systems division. MetaBank and Meta Payment Systems are part of Meta Financial Group, Inc.(R) (Nasdaq: CASH). iAdvance is a registered service mark of Meta Payment Systems. Patents pending. All rights reserved. For more information, visit http://www.MyiAdvance.com or http://www.metapay.com.
As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs more than 3,600 employees in 25 countries on five continents. http://www.transunion.com
About Fiserv, Inc.
Fiserv Credit Processing Services (CPS) provides end-to-end revolving and installment credit solutions for retail, commercial and bankcard markets. Fiserv, Inc. (Nasdaq: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, visit us at http://www.fiserv.com.
SOURCE Meta Payment Systems