The Members Group in Des Moines, Iowa, said it has added instant issuance to the list of available features on its ATIRA- and Coopera-branded reloadable, prepaid cards.
“Financial institutions are often climbing an uphill battle with the underserved because a deeply engrained lack of trust [can exist],” said Konrad Christensen, TMG’s retail payments product manager.
“It’s difficult for someone without a traditional banking relationship to hand over his hard-earned cash and then wait five to seven days for his card to arrive. Being able to supply that card immediately will help financial institutions clear one of the major hurdles that comes with introducing underserved communities to the financial mainstream,” Christensen said.
In addition, TMG has modified its program so that financial institutions no longer need to secure a Taxpayer Identification Number from a reloadable, prepaid card applicant.
According to Christensen, this will make it simpler for financial institutions to begin offering vital financial services to immigrant populations.