DES MOINES – Payments processor TMG (formerly known as The Members Group) on Monday said its card-issuing partners grew their credit and debit portfolios by 15% in 2015.
Overall spend on all credit and debit cards processed by TMG was up 32% year-over-year, the company said. TMG's leadership attributed its clients' success to the processor's own growth and evolution, as well as its "focus on collaboration" with forward-thinking credit unions and community banks.
"The financial institutions that have selected TMG as a processing partner are progressive, innovative and tenacious in their pursuit of growth," Shazia Manus, CEO of TMG, said in a statement. "Their ideas and expertise work in concert with that of TMG's to produce outstanding experiences for the consumers they serve, and that translates to growth."
Manus said TMG's business goals, product offerings and data-driven consultation are designed to help financial institutions navigate a rapidly changing financial ecosystem, which she added is "critical" in a time when technology and innovation are reshaping the experience consumers expect from their credit unions and banks.
TMG said 98% of its credit clients have successfully converted their mag-stripe cards to EMV chip cards; while on the debit side, 40% have either completed the switch or are in process to completion. As for digital wallets, 75% of TMG's clients have enrolled in at least Apple Pay, if not also Android Pay and Samsung Pay.
According to TMG, client success has translated into its success. In 2015, the company improved revenue by more than 20% percent, which it said positions it for investment in future technology.
TMG now serves seven of the 13 largest U.S. credit unions. The company has had a 99% contract renewal rate for 10 consecutive years.
In 2016, TMG predicted it will more than double conversions (new and/or current partners moving card programs from another processor) compared to 2015. TMG grew its staff by nearly 30% in 2015.
TMG reported it saved its issuing partners more than $40 million in potential fraud losses, a 31% increase over 2014 fraud savings.
