Source: Urban FT
ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America (ICBA), today announced it has teamed with Urban FT to provide end-to-end consumer and commercial prepaid card solutions for community banks.
The global prepaid market, estimated at $896 billion, is expected to reach $3.65 trillion by 2022, according to Allied Market Research. Driven by near-ubiquitous internet access, growing e-commerce, and increased demand for cash alternatives, prepaid cards represent a growing business line for community banks looking to provide this valuable service to their customers.
“This is a tremendous opportunity for community banks to expand their suite of card services to meet the diverse payment preferences of their cardholders with limited cost and risk exposure,” ICBA Bancard President and CEO Tina Giorgio said. “We’re excited to partner with Urban FT, a leader and trusted provider in this space, as we bring innovative solutions to market that offer greater choice and convenience without sacrificing the standard of service for which community banks are known.”
This new alliance supports an array of Mastercard consumer and commercial prepaid cards, and it features popular value-adds, including fuel rewards, cell phone insurance, and wi-fi access. Community banks will also be able to take advantage of Urban FT’s remote deposit capture offering and its award-winning digital banking app, which can be white-labeled.
St. Paul, Minn.-based Sunrise Banks, a $1.1 billion-asset community bank, will serve as the correspondent bank for the program and will handle card servicing and support as well as related compliance requirements on behalf of ICBA Bancard clients.
“We know that developing innovative programs supported by the best technologies drives interest in these payment offerings,” said Urban FT Chief Growth Officer Hunter Wolfe. “Urban FT anticipates a long and collaborative partnership with ICBA Bancard as we work to empower community banks with new payment solutions and digital experiences that allow them to retain their role as the go-to source for their customers’ payment needs.”