DES MOINES, Iowa (3/2/12)--The Members Group (TMG), a provider of card processing and payment systems, has added instant issuance to the list of features on ATIRA- and Coopera-branded reloadable prepaid cards to assist credit unions in reaching the underserved market, TMG said.
"It's difficult for someone without a traditional banking relationship to hand over his hard-earned cash and then wait five to seven days for his card to arrive," said Konrad Christensen, TMG's retail payments product manager. "Being able to supply that card immediately will help financial institutions clear one of the major hurdles that come with introducing underserved communities to the financial mainstream."
TMG has modified its program so financial institutions no longer need to secure a Taxpayer Identification Number from a reloadable prepaid card applicant. This will make it simpler for financial institutions to begin offering vital financial services to immigrant populations, Christensen said.
Instant issuance will be available on TMG's ATIRAreload product and the Coopera Card, a reloadable prepaid card, built specifically for the Hispanic market, offered by Coopera in partnership with TMG.