The Members Group in Des Moines, Iowa, said it has added instantissuance to the list of available features on its ATIRA- andCoopera-branded reloadable, prepaid cards.
|“Financial institutions are often climbing an uphill battle withthe underserved because a deeply engrained lack of trust [canexist],” said Konrad Christensen, TMG's retail payments productmanager.
|“It's difficult for someone without a traditional bankingrelationship to hand over his hard-earned cash and then wait fiveto seven days for his card to arrive. Being able to supply thatcard immediately will help financial institutions clear one of themajor hurdles that comes with introducing underserved communitiesto the financial mainstream,” Christensen said.
|In addition, TMG has modified its program so that financial institutions nolonger need to secure a Taxpayer Identification Number from areloadable, prepaid card applicant.
|According to Christensen, this will make it simpler forfinancial institutions to begin offering vital financial services to immigrant populations.
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