Meta Payment Systems is using technology from Fiserv Inc. and TransUnion LLC to upgrade its iAdvance short-term consumer loan product.
Meta Payment, a unit of Meta Financial Group Inc. of Storm Lake, Iowa, said Thursday that it is using risk management technology from TransUnion to improve its decision-making process when issuing the loans.
The unit also is using transaction processing and receivables management software from Fiserv.
The unit expects to introduce an updated version of the loans, which are distributed on prepaid cards issued by MetaBank, this fall.
Many potential borrowers could find themselves eligible for more favorable borrowing terms once the new risk-management and decision-making process is in place, Meta Payment said.
"Today's economic realities, coupled with limited access to responsive credit alternatives, have stretched the financially underserved consumer," Trent Sorbe, its senior vice president of credit, said in a press release. "Our relationships with Fiserv and TransUnion offer us industry-leading solutions for sound decisioning, processing, and portfolio management."