Genpass Launches New Card Product for Credit Unions

IRVING, TX – Genpass, Inc., a leading ATM and Debit Card processor and provider of stored-value cards announced today the launch of a new card product designed specifically to assist credit unions in providing debit services to their members. The new offering is a MasterCard branded stored-value debit card that allows credit union members to utilize funds transferred from their checking or share draft accounts, directly deposited from payroll, or deposited at the credit union – with no processing cost or fraud risk to the credit union. The card can also be used by credit unions to provide transaction accounts to prospective members who have not yet established other accounts with the credit union.

“Our research showed that there were thousands of credit unions who could not provide a key financial services product – debit card access – because they did not have the scale to afford processing minimums, or manage fraud effectively,” stated Gary Staub, Chief Marketing Officer of Genpass. “Our new card offering allows them to provide this service with no processing cost or fraud risk – and the credit union will actually earn revenue when the card is used to withdraw funds.”

“This card product clearly meets the needs of thousands of credit unions,” affirmed Emile Bonneau, credit union industry consultant and former Senior Vice President of Strategic Planning for Empire Corporate Credit Union as well as former President and CEO of both the Fall River Municipal Credit Union and the Central Credit Union Fund. “It will be beneficial to both the credit union and its members. The industry has needed a product like this since the inception of signature debit in the early ’90′s – and now it is here.”