DES MOINES, Iowa, Feb. 21, 2011 (GLOBE NEWSWIRE) -- There's a frightening reality facing today's financial institutions – they may no longer be integral to the movement of money.
So says TMG's Brian Day in a new white paper exploring alternative payments. The paper, "Maintaining Your Foothold in the Payments Ecosystem," available for free download at themembersgroup.com/PRalternativepayments.
Day, product development architect and lead on TMG's Dwolla initiative, writes that financial institutions must stay in the middle of the consumer-to-merchant transaction. They can do this, Day argues, by partnering with alternative payments providers. In addition, he writes, such partnerships can open doors to markets like small business, peer-to-peer/person-to-person (P2P), mobile and social payments.
"As more consumers move along the mobile payments spectrum, many will follow the lead of their trusted financial institution. Unless, of course, their financial institution isn't leading," warns Day.
Dwolla, a rapidly emerging alternative payments platform, allows users to initiate and receive transactions for a flat 25-cent fee. TMG is distributing the platform to its credit union and community banking clients as a way to maintain the financial institutions' relevance in a changing payments culture.
TMG is a wholly-owned subsidiary of the Affiliates Management Company, which is owned by Iowa credit unions and their members. As a financial and credit union service organization (CUSO), TMG is dedicated to providing innovative and flexible card processing and payment solutions to credit unions and financial institutions across North America. TMG's core products include credit, debit, ATM and a variety of prepaid solutions, as well as online reporting, ACH and ALM services. TMG's prepaid card products are branded ATIRA. For more information, visit .
Kelly Moore (for TMG)
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