CO-OP Financial Services has purchased US-based payments processor TMG from Iowa Credit Union League in a cash transaction valued at $100m and restructured its management team.
Commenting on the transaction, CO-OP Financial Services president/CEO Todd Clark said: “The acquisition of TMG and the evolution of our leadership team are designed to maximize benefits for the clients of both companies.
“We are creating a new CO-OP that embraces technology and best-in-class service delivery to create a seamless, secure and personalized experience for our clients and their members; however, they choose to interact with their credit union using a CO-OP product.
“We will offer the market greater integration of the two company’s product lines and a simplified, predictive client experience. We will also leverage artificial intelligence, custom business intelligence, consultation and deeper security offerings that marry machine learning and human analysis to perfect authentication, reporting and anticipation of fraud.”
As part of the organisational structuring, Shazia Manus, formerly CEO of TMG, has been named chief product and strategy officer; Nick Calcanes, previously with Fiserv, has been appointed as chief information officer; Kari Wilfong, formerly CFO/EVP, has been promoted to CFO/CAO; Samantha Paxson joins the executive management team as chief experience and marketing officer.
Additionally, Jim Hanisch, formerly EVP, network operations and corporate development, has been appointed COO; while Mathew Kardell, previously with First Data, joins the company as chief revenue officer.