Simple, Sensible Credit(SM) Solution Resonating with Financially
Underserved Consumers
SIOUX FALLS, S.D., June 19 /PRNewswire/ -- 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.
About TransUnion
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
 back to top
Related links:
http://www.metapay.com
http://www.fiserv.com http://www.transunion.com
http://www.MyiAdvance.com
CONTACT:
Shawn Cable of Meta Payment Systems,
+1-605-782-0960, scable@metapay.com
|
