RANCHO CUCAMONGA, Calif. (3/1/13)--CO-OP Financial Services announced it will offer The Members Group's (TMG) reloadable prepaid cards to its client credit unions. The move is a further extension of CO-OP's partnership with TMG announced last year.
The TMG reloadable prepaid cards allow credit unions to offer their members a convenient means for general purpose purchasing, to budget for travel, or to limit spending by children. Credit unions also can use the cards to reach underserved members who don't have traditional credit or debit cards.
The cards are Visa branded and can be used at ATM and point of sale locations requiring either a personal identification number or signature. A deposit account is not required.
Credit unions that adopt the TMG product will sign contracts directly with TMG, who will be responsible for the sale, implementation, support and invoicing.
CO-OP and TMG work together to provide card processing programs and other payment solutions to the credit union industry. The TMG reloadable prepaid cards are in addition to the load-once prepaid gift cards CO-OP already makes available.
CINCINNATI (3/1/13)--LendKey (formerly Fynanz), a cloud-based lending-technology company in New York City, has opened a second office in the suburbs of Cincinnati, which will include a credit union support center. LendKey is a CUNA Strategic Services provider.
"We've experienced tremendous growth and have outgrown our current space in New York City," said Vince Passione, LendKey CEO. "This growth has provided an opportunity to put in place a LendKey controlled data backup and redundancy plan by transitioning a portion of our business to Ohio and helping to ensure quality for our 235 lending partners that we service."
LendKey will continue to use its Manhattan office for its management, sales, marketing and technology operations. The Ohio location will focus on the financial operations of LendKey's core-lending services, including borrower loan servicing and financial control, and a new introduction of a credit union support services center to provide ongoing support for its 235 credit union lending partners.
LendKey, which previously operated with 50 employees, expects to create more than 70 new jobs in the next three years through its Ohio-based operations. It was recently awarded a payroll tax credit for its commitment to create jobs in the state.