MetaBank Announces Partnerships with Finix and TabaPay to Offer Faster Payments

Rhea-AI Summary

MetaBank, a subsidiary of Meta Financial Group (CASH), announced the expansion of its faster payments platform by partnering with Finix and TabaPay. This enhancement aims to offer businesses multiple options for processing faster payments via Mastercard Send and Visa Direct. As part of its commitment to innovation, MetaBank aims to grow its faster payments solution across various disbursement categories. Research indicates that 66% of payment managers believe faster payments provide a competitive advantage, with potential savings of up to $6 per replaced check.

Positive

• Partnerships with Finix and TabaPay enhance MetaBank's faster payments platform.
• Expanded options for businesses to process payments via Mastercard Send and Visa Direct.
• Research shows 66% of payment managers see competitive advantages with faster payments.
• Potential to save businesses up to $6 per replaced check.

Negative

• None.

Sioux Falls, S.D., Sept. 22, 2020 /PRNewswire/ -- MetaBank,^® N.A. ("Meta") today announced the expansion of its faster payments platform to include processors Finix and TabaPay. Meta is committed to leading the enablement of payments technology, and this announcement marks its latest expansion within the faster payments space. With this addition of Finix and TabaPay, Meta is giving its partners numerous options to process faster payments through Mastercard Send and Visa Direct. Each of these options can help improve payment experiences, strengthen business relationships and streamline operations.

Meta is a national bank, a subsidiary of Meta Financial Group, Inc.^® (Nasdaq: CASH) and a leader in providing innovative financial solutions to consumers and businesses throughout the country. Meta launched its faster payments platform in 2019. One of Meta's key strategic priorities is to grow its faster payments solution across all disbursement categories.

Finix builds payments infrastructure for vertically-focused software providers and fintech companies. With Finix, businesses can own and monetize their entire payments experience without having to build an in-house system from scratch or rely on third-party payment service providers.

TabaPay is a leading card payments processor for financial technology companies who want a simple and comprehensive solution to disburse, collect payments and fund accounts in real time.

Businesses that offer faster payment options for rebates, refunds, credits, insurance benefits, tax refunds and more have seen numerous benefits — in fact, research shows 66% of payment managers believe this innovation gives their companies a competitive advantage.[i] Further, with the adoption of faster payments, businesses see a savings of up to $6 per replaced check.i 

"We are thrilled to add Finix and TabaPay as processing options on our faster payments

platform, and to work alongside them to continue to pave the way to faster payments ubiquity," said Sheree Thornsberry, Meta EVP and Head of Payments. "Consumers are demanding seamless, faster payments across the board, and our partners wanted choices for processing these payments. We responded to that demand with more options than ever before, so that they can help businesses and consumers receive funds efficiently and effectively, all via the processor of their choice."

"We're excited to partner with Meta, a leading provider of payments services, to help build out their faster payments platform," said Richie Serna, Finix CEO and Co-Founder. "Faster payments enable merchants to respond with speed and flexibility to new market demands. With Meta, we will bring speed and innovation to even more businesses and consumers."

"Meta has a robust legacy in payments, with deep industry relationships and the ability to build highly scalable, customizable programs," said Rodney Robinson, TabaPay CEO and Co-Founder. "We are pleased to join their faster payments platform, and to partner with them to continue making these industry-leading solutions widely available."

About MetaBank, N.A.

MetaBank, National Association, a national bank ("Meta"), is a subsidiary of Meta Financial Group, Inc.^® (Nasdaq: CASH), a South Dakota-based financial holding company. Meta is a leader in providing innovative financial solutions to consumers and businesses in under-served niche markets and believes in financial inclusion for all. Meta's commercial lending division works with high-value niche industries, rapid-growth companies and technology adopters to grow their businesses and build more profitable customer relationships nationwide. Meta is one of the largest issuers of prepaid cards in the U.S., having issued more than a billion cards in partnership with banks, program managers, payments providers and other businesses, and offers a total payments services solution that includes ACH origination, wire transfers, and more. For more information, visit the MetaBank website.

About Finix

Finix is a smart way for businesses to own, manage, and monetize payments. Built by payments experts from Klarna, PayPal, and Worldpay, Finix is trusted by companies like Lightspeed POS Inc. and Clubessential to build and scale their payments infrastructure. Headquartered in San Francisco, with an additional office in Cincinnati, Ohio, Finix is a privately held company funded by Acrew Capital, Activant Capital, Bain Capital Ventures, Homebrew, Insight Partners, Sequoia Capital, Visa, and others. To learn more, visit www.finixpayments.com.

About TabaPay

TabaPay, a leader in card payments processing for financial technology companies, helps clients easily disburse and collect payments in real time. TabaPay provides a simple unified API to support a range of use cases, offers direct connections and intelligent least-cost routing across 10 card networks, and boasts one of the industry's best approval rates. TabaPay is trusted by over 1,000 companies and processes over $9 billion annually.  To learn more, visit www.tabapay.com

Investor Relations:

Brittany Kelley Elsasser
Director of Investor Relations
605-362-2423
bkelley@metabank.com

Media Relations:

mediarelations@metabank.com

[i] Forrester and Visa, "The Total Impact™ of Real-Time Funds Disbursements vs. Traditional Methods" June 2020

 

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SOURCE Meta Financial Group, Inc.

FAQ

What is the significance of MetaBank's partnership with Finix and TabaPay?

MetaBank's partnership with Finix and TabaPay enhances its faster payments platform, providing businesses with more processing options, thereby improving payment experiences and operational efficiency.

How does MetaBank's faster payments platform benefit businesses?

The faster payments platform allows businesses to offer quicker payment options for various transactions, helping to streamline operations and enhance customer satisfaction.

What cost savings can businesses expect from using faster payments?

Businesses can save up to $6 per replaced check by adopting faster payment methods.

When was MetaBank's faster payments platform launched?

MetaBank launched its faster payments platform in 2019.

What is the stock symbol for Meta Financial Group?

The stock symbol for Meta Financial Group is CASH.