Meta Payment Systems Partners with Fiserv, TransUnion for iAdvance
Meta Payment Systems has announced it has contracted with Fiserv and TransUnion "to enhance the next generation of its award-winning iAdvance product. The partnerships enable Meta to expand its short-term, small dollar loan alternative that is accessed immediately on a MetaBank-issued prepaid card."
"Today's economic realities, coupled with limited access to responsive credit alternatives, have stretched the financially underserved consumer," said Trent Sorbe, Senior Vice President of Credit for Meta. "These same consumers have shown that they prefer our Simple, Sensible Credit(SM) philosophy over other credit options carrying indecipherable terms and exploitative billing practices. As we embark on the next generation of iAdvance, our relationships with Fiserv and TransUnion offer us industry-leading solutions for sound decisioning, processing and portfolio management -- each of which is critical to maintaining our commitment to transparency, simplicity and convenience."
"We believe our data and analytical capabilities will contribute to Meta's industry-leading approach to underwriting and portfolio management in the traditionally underserved market," said David Bowen, a Vice President in TransUnion's financial services group. "Our services allow Meta Payment Systems to make risk management decisions that will benefit both the company and its customers."
Expected to be launched in the fall of 2008, the next generation of iAdvance will offer a credit graduation process to the core product, whereby a significant percentage of consumers will find themselves graduating to increasingly lower borrowing costs and the opportunity to payoff over time. And like today, the enrollment and advance processes will take less than two minutes, funds are immediately available to borrowers on their MetaBank-issued prepaid card and repayment performance is reported to the three major credit bureaus.
"Our PLUS System's processing and receivables management solution is well suited to fulfill Meta's commitment to convenience and clarity," said Vinnie Calo, President of Fiserv Credit Processing Services. "Fiserv's ability to meet unique product requirements by customizing our industry-leading solutions will support Meta's revolutionary approach to real-time decisioning and funding."
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