Meta Payment Systems plans on adding risk management and decisioning tools from Fiserv and TransUnion to support more accurate—and perhaps more favorable—short-term loan offerings to its underbanked consumer base.
Meta, which offers the short-term loans through prepaid cards from its MetaBank subsidiary, will also use Fiserv and TransUnion support for processing and portfolio management. The new programs will support the issuance of Meta Payment’s iAdvance product that Meta says will “offer a credit graduation process to the core product, whereby a significant percentage of consumers will find themselves graduating to increasingly lower borrowing costs and the opportunity to payoff over time.”
The new version of iAdvance will be released in the fall.
“We believe our data and analytical capabilities will contribute to Meta’s industry-leading approach to underwriting and portfolio management in the traditionally underserved market,” said David Bowen, a vp in TransUnion’s financial services group, in a statement. “Our services allow Meta Payment Systems to make risk management decisions that will benefit both the company and its customers.”