MetaBank, a provider of payment and banking solutions, today announced the 10-year renewal of its relationship with Money Network Financial. 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,” said Sheree Thornsberry, MetaBank EVP and head of payments. “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.
“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. Money Network works with employers to reduce their cost of payroll delivery by minimizing paper checks. Consumers benefit from solutions including 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, with Mercator Advisory Group expecting loads to 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, EVP and 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.