Bankers' Bank of the West, a leader in correspondent services to community banks in the Rocky Mountain and western states, and Bling Nation, a provider of mobile payment services, have partnered to enable tap-and-pay purchases at the point of sale across the mid-west.
Through a referral agreement, Bankers' Bank of the West will offer mobile payments to its more than 330 client banks. Bling Nation will help these financial institutions and their business customers eliminate payment processing middlemen, while differentiating their services and supporting community "shop local" programs.
"Our mission is to help independent community banks compete in their markets," said Bankers' Bank of the West president and CEO Bill Mitchell. "This partnership with Bling Nation gives our client banks access to a new realm of technology-driven solutions their customers will be excited about - and that's exciting to us."
Bling Nation mobile payment services let consumers with a direct deposit account or DDA at a local financial institution simply tap their mobile phones to pay for purchases and instantly redeem loyalty incentives at the point of sale. A quarter-sized microchip sticker or BlingTagTM adheres to the mobile phone, enabling a secure and convenient debit transaction as well as personal finance management. Each Bling transaction is followed by a SMS text with real-time account balance and purchase verification, which can help consumers take control of the management of their finances.
"Many people incorrectly presume that the largest financial institutions and businesses are leading the charge in payments innovation," said Rod Stambaugh, general manager, West Region, for Bling Nation. "In fact, it is community banks, the type of financial institutions Bankers' Bank of the West has worked with for more than 30 years, that are truly staying in front of customer needs with innovation. Mobile payments are a necessary component of the financial institution, business and consumer relationship of today and tomorrow."