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MetaBank launches faster payments platform

Source: Mastercard

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.

“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.”

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