DES MOINES, Iowa, and RANCHO CUCAMONGA, Calif. (1/9/12)--Credit union payments providers The Members Group (TMG) and CO-OP Financial Services have formed a strategic partnership, with CO-OP making a strategic investment in TMG.
TMG and CO-OP Financial Services will continue to offer products under their own brands, operate independently and work within their existing management structures. At the same time, both companies will cross-sell all of their respective products and services.
The alliance means the two companies serve more than 40% of U.S. credit unions and provide payment services to nearly 33 million cardholders.
TMG and CO-OP Financial Services both provide core payment products, including credit, debit, ATM, prepaid products and person-to-person (P2P) payment solutions. Both companies are credit union-owned.
TMG also brings to the alliance a suite of proprietary card-data solutions, including Springboard and ClearTrend; Dwolla, a P2P payment solution; and other services. Through collaborative relationships with its sister companies, TMG also can offer Hispanic market expertise and regulatory compliance products and solutions.
CO-OP Financial Services brings additional services, such as CO-OP Network, CO-OP Shared Branching and CO-OP Member Center for lending and member-service call center support.