The Members Group and CO-OP Financial Services Announce Support for MasterPass
Joins Broader Suite of Credit Union Innovative Payment Products
DES MOINES, IA and RANCHO CUCAMONGA, CA (February 25, 2013) – As leaders in innovation, together The Members Group (TMG) and CO-OP Financial Services announced the companies will offer their members MasterPass, a digital service introduced today by MasterCard. The service allows consumers to use any payment card or enabled device to make a purchase and enhance the shopping experience online, in-store or on any device. The companies also announced TMG Financial Services, a third party credit card agent issuer and sister company to TMG, has committed to being among the first issuers to offer the digital wallet to its more than 65,000 cardholders.
Since forming a strategic partnership in January 2012, CO-OP Financial Services and TMG have offered unique credit and debit card processing products and other payment solutions to the credit union industry.
“Credit unions are looking for trusted partners to capitalize on opportunities, such as the future of digital payments,” said Shazia Manus, CEO of TMG. “Together, our companies will be a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for next-generation banking.”
“This is a very exciting time in the payments industry, and the introduction of MasterPass will contribute to simplifying digital shopping,” said Stan Hollen, President/CEO of CO-OP Financial Services. “We formed our partnership with TMG to offer the best processing platform for each client’s unique needs, and our mutual partner, MasterCard, has introduced an important addition.”
According to MasterCard, the MasterPass suite of services will:
• Provide merchants with a consistent way to accept electronic payments regardless of where the consumer may be;
• Enable banks, merchants and partners to offer their own digital wallets; and
• Enrich the shopping experience for consumers before, during and after checkout.
MasterPass joins several other digital payment solutions the companies are bringing to the credit union marketplace. For credit unions, the solutions increase top-of-wallet potential; for members they create multiple ways to transact, yet with a consistent experience across all channels.
“It is clear that digital payments are the future of our industry, whether you are an issuer or a processor,” said Jeff Russell, President and CEO of TMGFS and Senior Advisor to TMG. “Today’s announcement certainly increases the value of our MasterCard offerings to consumers and financial institutions. We look forward to providing our clients and cardholders with tools that will enhance how they are able to engage in the payments process.”
“In today’s increasingly connected world, every device is becoming a shopping device as consumers expect to be able to pay for things how, when and where they want,” said John Ainsworth, Group Head, U.S. Markets, MasterCard. “MasterPass is the latest example of how we work closely with partners like CO-OP and TMG to bring to market innovative solutions that will make an impact on their members’ daily activities.”
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.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation’s largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of “Be There. Be More,” CO-OP’s products fall into three business lines, including “Locations,” (ATM, shared branching and call center services); “Card Payments” (debit and credit processing) and “Mobile/Virtual” (mobile, check imaging, bill pay services). To learn more visit www.co-opfs.org.
About TMG Financial Services
TMG Financial Services (TMGFS) is known for providing collaborative, innovative and consumer-oriented solutions in the payments industry. From industry-leading funding vehicles to comprehensive credit card programs, TMGFS ensures financial institutions have the tools to thrive in the competitive financial marketplace. TMGFS was ranked No. 340 on the 2012 Inc. 500|5000 list of the nation’s fastest-growing private companies and currently has more than 65,000 cardmembers and $135 million in assets under management. For more information, visit www.tmgfinancialservices.com.