Payments processor concludes instant issuance pilot, begins project implementations
(Des Moines, Iowa – October 27, 2016) – Following the conclusion of a successful pilot program with several community financial institution card issuers, payments processor TMG has begun the implementation of instant-issue EMV chip cards for its clients. The service allows TMG’s credit union and community bank partners to place the highest level of security in plastic cards into the hands of consumers immediately upon approval of their debit and credit accounts. TMG client demand has increased more than 175 percent since the launch of EMV instant issue.
“Cardholder enthusiasm for a new card is highest immediately following approval,” said TMG Product Manager Chole Casber. “Instant issuance lets consumers begin using their debit and credit cards as soon as they leave the branch. From an activation and engagement standpoint, that sure beats asking eager cardholders to wait seven to 10 days. It’s an even better experience for cardholders whose plastic is lost or stolen. Replacing that missing card quickly is leaps and bounds easier with an instant issuance program.”
Among TMG’s instant issuance pilot program participants was Burbank, Calif.-based Partners Federal Credit Union, which serves the Cast Members and employees of The Walt Disney Company and their families. The $1.4 billion credit union enrolled both its credit and debit cards in the pilot and is planning to instant issue special affinity based cards with exclusive art designs. “Instant issuance is an important part of the experience we create at Partners,” said Mike Terzian, chief marketing officer for Partners. “By putting our card in the Member’s hand as soon as they join the credit union, we’re setting them up for success right from the start and giving them immediate access to their account.”
“Products like this – ones that help a financial institution provide ‘surprise and delight’ moments for consumers – are fun to work on,” said Casber. “Instant issuance can be one of those defining products that helps a consumer choose one financial institution over a competitor. The optimism and confidence that come from immediate access to buying power is hard to top.”
To make the rollout of an instant issuance program easy for its community financial institution partners, TMG has created a launch kit, detailing the specific needs, policies and procedures of each partner’s program.