DES MOINES, Iowa, and RANCHO CUCAMONGA, Calif., (January 5, 2012) - The Members Group (TMG) and CO-OP Financial Services announced they have formed a strategic partnership to combine strengths and deliver the largest array of cutting-edge payment solutions for credit unions.
Under the agreement, CO-OP Financial Services has made a strategic investment in TMG. TMG and CO-OP Financial Services will continue to offer products under their own brands, operate independently and work within their existing management structures. At the same time, both companies will cross-sell all of their respective products and services.
"This is a pivotal time for credit unions as they look for trusted partners to capitalize on their opportunities," said Shazia Manus, CEO of TMG. "With the combined forces of TMG and CO-OP Financial Services, we are able to provide credit unions with a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for next-generation banking.
"The investment of CO-OP Financial Services in TMG allows both companies to offer the best processing platform for each client's unique needs," said Stan Hollen, President/CEO of CO-OP. "CO-OP gains a full service credit card system customizable to credit unions, and TMG gains additional products and delivery channels. Combined, the scale of processing is second to none."
The alliance of TMG and CO-OP Financial Services means the two companies serve more than 40 percent of all U.S. credit unions and provide payment services to nearly 33 million cardholders.
TMG and CO-OP Financial Services have more than 50 years of combined expertise in providing global solutions for core payment products, including full service credit, debit, ATM, prepaid products and P2P payment solutions. Both companies are credit union-owned.
TMG also brings to the alliance a suite of proprietary card data solutions, including Springboard and ClearTrend; Dwolla, a P2P payment solution; and other value-added services. Through collaborative relationships with its sister companies, TMG can also offer Hispanic market expertise and regulatory compliance products and solutions. CO-OP Financial Services brings additional services, such as CO-OP Network, CO-OP Shared Branching and CO-OP Member Center for lending and member service call center support.
"This partnership has a very strong foundation to provide even greater support to the industry as both companies are credit union-owned, conduct business in a manner philosophically consistent with the credit union movement and share similar perspectives on how they service and create long-term relationships with clients," said Patrick Jury, President/CEO of Affiliates Management Company (AMC), parent company to TMG, and of the Iowa Credit Union League.
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visit www.themembersgroup.com.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif. and founded in 1981, CO-OP Financial Services is the industry leader in access and convenience products for credit unions. CO-OP Financial Services connects credit union members to their accounts through network, payment processing, e-commerce, shared branching and call center services. With more than 3,000 credit union members, 30 million cardholders, 28,000 surcharge-free ATMs, 4,400 shared branch locations and more than two billion annual transactions, CO-OP Financial Services offers the tools, counsel and leadership to help credit unions prosper. To learn more, visit www.co-opfs.org.
About Affiliates Management Company
Affiliates Management Company (AMC) is a wholly-owned holding company of the Iowa Credit Union League (ICUL) that was formed to better integrate and align ICUL's operating companies, including TMG, TMG Financial Services, Community Business Lenders, PolicyWorks, Coopera and PayFusion. AMC aims to create efficiencies among the portfolio of companies to provide value-added products and quality services to their members and clients. For more, visit www.affiliatesmgt.com.