Social Money collaborates with The Members Group to provide payment options for millennials and underbanked
DES MOINES, IA (October 2, 2014) – Social Money, the company behind the award-winning SmartyPig, today announced an alliance with payments processor The Members Group (TMG) to provide prepaid card options for Social Money’s products.
TMG CEO Shazia Manus explained how the Social Money partnership fits into TMG’s overall plans for diversification and consumer intelligence. “Our financial institution clients look to TMG for the kinds of consumer insights that generate consumer love and loyalty. By partnering with innovators like Social Money, which have direct lines to influential consumers, we learn even more about the behaviors, perceptions and preferences of key audiences for our credit union and community bank clients. Social Money will be a tremendous partner for TMG, and we look forward to delivering our top-notch prepaid product to our client communities.”
TMG’s prepaid card program has grown 27 percent year-over-year as more of its financial institution clients look to play in the growing marketplace. Social Money will add prepaid offerings to its SmartyPig and CoreSaver products.
CoreSaver, which was introduced earlier this week, is built on Social Money’s CorePro core processing platform. CoreSaver is a branded, end-to-end digital banking platform for credit unions and community banks seeking a social goal-based savings solution for the underbanked and Millennial markets. CoreSaver can be utilized for saving, certificate of deposit or DDA accounts, has multiple entry points for account acquisition and multiple exit points for deposit reconcilement, including prepaid cards.
“Our partnership with TMG gives us the opportunity to provide innovative, turnkey solutions that help us and our clients reach the next generation of banking customers fast, and at a really, really low price,” said Social Money CEO Scott McCormack.
The CorePro platform, which stands up CoreSaver and the company’s consumer product SmartyPig, provides core processing (including ACH), interest accrual and payments, electronic submission of 1099s to the IRS, automated NSF/return processing, year-end regulatory reporting and all customer account opening procedures in one place. The platform uses a management portal that provides regulatory, compliance, customer service and data mining capabilities.
About Social Money
Social Money is a financial services technology company creating innovative products, like SmartyPig and CoreSaver that help consumers save. The company’s products are centered on proprietary technology that replaces or augments existing core processing technology. The award-winning financial services company is headquartered in West Des Moines, Iowa, and has offices in Chandigarh, India. For more information, visit www.socialmoney.com.
About The Members Group
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.