A press release on Monday (March 12) said MetaBank extended its agreement with Money Network by 10 years, a deal that sees Money Network providing various payment solutions to the financial institution. The companies highlighted Money Network’s Electronic Payment Delivery Service as a particular focus of their collaboration. The tool enables employers to digitize payroll and pay employees electronically.
The firms also highlighted the efforts of their tie-up to help employers reduce their dependence on paper checks.
“We look forward to working with Money Network to maintain the successful payments programs we’ve built together and bring new, inventive products to market,” said MetaBank Executive Vice President and Head of Payments Sheree Thornsberry in a statement. “To date, our products have provided efficient, secure and flexible payment alternatives to checks and cash for government agencies and large businesses, allowing them to realize significant cost savings and increased efficiencies.”
The companies said Money Network enables businesses to “reduce their cost of payroll delivery by minimizing paper checks,” while employees benefit from digital solutions like prepaid payroll cards.
Citing Mercator Advisory Group data, the companies noted use of prepaid cards for payroll is expected to see a $47.2 billion valuation by 2020.
“MetaBank is a pioneer in the payments industry, and we’re proud to have collaborated with them for more than a decade now to offer industry-leading solutions to our clients,” said First Data Executive Vice President, Head of Network and Security Solutions Barry McCarthy in another statement. “We are constantly innovating to enhance the features we provide to our Money Network clients and cardholders. As we continue to evolve the service and grow our cardholder base, MetaBank has the scope, scale and creativity needed to support these efforts.”
MetaBank also announced an extension of another payroll card partnership in 2016, when it said it would continue its deal with Global Cash Card.