MetaBank and Money Network to Continue Issuing Payments Products for Some of World's Largest Corporations
SIOUX FALLS, S.D., March 12, 2018 /PRNewswire/ -- MetaBank®, a wholly-owned subsidiary of Meta Financial Group, Inc.® (CASH) ("Meta") and a leader in delivering innovative payment and banking solutions to partners throughout the country, today announced the 10-year renewal of its relationship with Money Network Financial, LLC, a wholly-owned subsidiary of First Data (FDC). MetaBank supports a range of Money Network payments programs, most notably the Money Network® Electronic Payment Delivery Service, which large organizations use to provide employees the option of receiving wages electronically.
"Money Network is an innovative, forward-thinking company, and we're thrilled to continue our longtime relationship for another decade. We are very proud to have this kind of consistency and longevity with a large-scale payments program, particularly in today's rapidly evolving payments landscape," said Sheree Thornsberry, MetaBank Executive Vice President and Head of Payments. "We look forward to working with Money Network to maintain the successful payments programs we've built together and bring new, inventive products to market. To date, our products have provided efficient, secure and flexible payment alternatives to checks and cash for government agencies and large businesses, allowing them to realize significant cost savings and increased efficiencies."
MetaBank and Money Network have worked together since 2005 to deliver a host of prepaid products. With Money Network, employers reduce their cost of payroll delivery by minimizing paper checks, and consumers benefit from solutions that include prepaid cards for financial management and a variety of tools to track their money. The use of prepaid cards for the purposes of disbursements and payroll delivery is on the rise, and Mercator Advisory Group expects that loads in this segment will reach $47.2 billion by 2020.
"MetaBank is a pioneer in the payments industry, and we're proud to have collaborated with them for more than a decade now to offer industry-leading solutions to our clients," said Barry McCarthy, Executive Vice President, Head of Network and Security Solutions at First Data. "We are constantly innovating to enhance the features we provide to our Money Network clients and cardholders. As we continue to evolve the service and grow our cardholder base, MetaBank has the scope, scale and creativity needed to support these efforts."
MetaBank's suite of electronic payments solutions includes prepaid cards, credit products, electronic funds transfer and ATM sponsorship.
About Meta Financial Group
Meta Financial Group, Inc. ("Meta") is the holding company for MetaBank®, a federally chartered savings bank. Meta shares are traded on the NASDAQ Global Select Market® under the symbol CASH. Headquartered in Sioux Falls, S.D., MetaBank operates in both the Banking and Payments industries through: MetaBank, its traditional retail banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, EPS Financial and Specialty Consumer Services, its tax-related financial solutions divisions. More information is available at metafinancialgroup.com.
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Brittany Kelley Elsasser
Corporate Communications Director
Director of Investor Relations