TMG Enables Underserved Outreach with Instant Issue Reloadable Cards

February 29, 2012

(Des Moines, Iowa – February 29, 2012) – To better assist financial institutions with outreach to the underserved, The Members Group (TMG) has added instant issuance to the list of features available on its ATIRA- and Coopera-branded reloadable prepaid cards.

“Financial institutions are often climbing an uphill battle with the underserved because there can exist a deeply engrained lack of trust,” said Konrad Christensen, TMG’s retail payments product manager. “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. Being able to supply that card immediately will help financial institutions clear one of the major hurdles that comes with introducing underserved communities to the financial mainstream.”

In addition, TMG has modified its program so that financial institutions no longer need to secure a Taxpayer Identification Number from a reloadable prepaid card applicant. According to Christensen, this will make it simpler for financial institutions to begin offering vital financial services to immigrant populations.

Instant issuance will be available on TMG’s ATIRAreload product, as well as on the Coopera Card, a reloadable prepaid card offered by Coopera in partnership with TMG. Built specifically for Hispanic cardholders, the Coopera Card is supported by Spanish and English cardholder service via and live agents, as well as bilingual and culturally relevant marketing materials and disclosures.

Nine credit unions have signed on to make the Coopera Card available to Hispanic members in 2012.

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