MetaBank® Launches Faster Payments Platform, Enabling Partners to Move Funds in Near Real-Time

Feb 12 2019

Mastercard Send™ is the first faster payments offering available, as the platform rounds out MetaBank's total payments services

SIOUX FALLS, S.D., Feb. 12, 2019 /PRNewswire/ -- MetaBank® today announced the launch of its faster payments platform, which will enable its partners to disburse funds in near real-time. One of the first new offerings on this platform is Mastercard Send™, an industry-leading push payments service that powers a faster, better, smarter way to send money domestically and cross border. As a leading issuer of payments services, this rounds out MetaBank's suite of solutions that also includes ACH origination, wire transfers and more. MetaBank is a wholly-owned subsidiary of Meta Financial Group, Inc.® (NASDAQ:CASH) ("Meta") and a leader in delivering innovative payment, financing solutions and banking to partners throughout the country.

"We're committed to leading the enablement of new payments technology, which is why we are thrilled to announce the launch of our faster payments platform. This innovation will create real opportunity for our partners, ultimately enabling businesses to grow, be more efficient and issue payments more quickly," said Sheree Thornsberry, Meta EVP and Head of Payments. "This platform enables our partners to deposit funds in near real–time, providing quicker access to funds for consumers and improved cash-flow for businesses."

With Mastercard Send, partners can disburse funds to U.S. debit or reloadable prepaid cards for immediate payment of insurance claims, healthcare claims, government aid, tax refunds, gig economy workers and more.

Meta's extensive expertise as a leading issuer of payments services coupled with card-based faster payments can provide new opportunities in addition to prepaid card and ACH services. According to research by Mastercard, card-based, faster payments solutions provide a superior customer experience — ultimately strengthening customer engagement and loyalty.i

"Digital connectivity is opening up new ways of doing business," said Jess Turner, Executive Vice President, Digital Payments and Labs, North America, Mastercard. "Mastercard Send is designed to work with banks, businesses, digital players, governments and more. It helps them to speed up the way they send money, domestically and cross border, and transform the user experience."

Meta is a leader in providing innovative financial solutions to consumers and businesses in under-served niche markets, and believes in financial inclusion for all. Meta works with high-value niche industries, rapid-growth companies and technology adopters to grow their businesses and build more profitable customer relationships. MetaBank is one of the largest issuers of prepaid cards in the U.S., having issued more than a billion cards in partnership with banks, program managers, payments providers and other businesses, and offers a total payments services solution that includes ACH origination, wire transfers and more.

About Meta Financial Group, Inc.®
Meta Financial Group, Inc. ® (Nasdaq: CASH) is the holding company for the financial services company MetaBank® ("Meta"). Founded in 1954, Meta has grown to operate in several different financial sectors: payments, commercial finance, tax services, community banking and consumer lending. Meta works with high-value niche industries, strategic-growth companies and technology adopters to grow their businesses and build more profitable customer relationships. Meta tailors solutions for bank and non-bank businesses, and provides a focused collaborative approach. The organization is helping to shape the evolving financial services landscape by directly investing in innovation and complementary businesses that strategically expand its suite of services. Meta has a national presence and over 1,200 employees, with corporate headquarters in Sioux Falls, S.D.  For more information, visit the Meta Financial Group website or LinkedIn.

Investor Relations and Media Contact:
Brittany Kelley Elsasser
Director of Investor Relations
605-362-2423
bkelley@metabank.com

i Mastercard: "A New Push for Push Payments," https://www.mastercard.us/content/dam/mccom/en-us/documents/mastercard-send-debit-lift.pdf

 

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SOURCE Meta Financial Group, Inc.