San Antonio (March 15, 2017)—ICBA Bancard,
the payment services subsidiary of the Independent Community Bankers of America
(ICBA), the nation’s voice for community banks, announced today they have
partnered with Cachet Financial Solutions Inc. and Central Bank of Kansas City
to offer its Select Mobile Money-Express™ (SMM-X) platform to community banks.
The SMM-X platform features a reloadable prepaid card, the Select Mobile Money
Prepaid Mastercard®, which will be showcased during ICBA Community Banking
Live, March 15-19 in San Antonio.
“We’re offering this prepaid card program, in
partnership with Central Bank of Kansas City and Cachet, to help community
banks increase customer engagement, grow revenues and gain competitive
advantages,” said ICBA Bancard President and CEO Tina Giorgio. “Typically these
solutions have only been available to large national banks due to the high
costs of platform development and deployment. This cost-effective, highly
scalable program offers a state-of-the-art mobile prepaid program that
community banks can offer their customers.”
Easily accessible via a bilingual companion
mobile app, cloud-based mobile services include: account management,
check-to-card fund loading with an option for “instant good funds,” and
card-to-card transfer and remittance. The mobile app supports convenient
features like fingerprint authentication and location-based technology that can
pinpoint nearby reload locations and ATMs. Cardholders can also send money
internationally to family and friends with fully-integrated, seamless and
secure money transfer, and gain access to a national mobile coupon network of
150,000 merchants offering local deals.
“We have joined with ICBA Bancard, Cachet and
Mastercard to deliver a prepaid solution that represents a major leap in
enabling community banks with the latest in mobile money technology,” said
Trent Sorbe, president of Central Payments, which will issue the prepaid
cards. “This robust prepaid card program will allow banks to extend their
product reach to not only the traditional prepaid users but also the increasing
population of customers that expect technology-powered solutions which make
their banking experience easier and more convenient.”
“Our new partnership with ICBA Bancard
addresses the growing demand from community banks for a prepaid card program
that can be delivered expeditiously and cost-effectively, but without
compromising features or functionality,” said Jeffrey Mack, president and CEO
The prepaid card is welcomed everywhere
Mastercard is accepted.
“We recognized that community banks have a
special role in supporting the neighborhoods where their depositors live and
work, as well as in helping local businesses and communities thrive,” said
Mastercard’s Executive Vice President John Ainsworth. “We remain committed to
the thousands of community banks across the country who are continually looking
for new and better ways to service their customers.”
About ICBA Bancard
ICBA Bancard® is the wholly owned payment
services subsidiary of the Independent Community Bankers of America. ICBA
Bancard's community bank issuers generated $22 billion in sales volume in 2015
and are ranked collectively as the 25th largest credit card portfolio in the
United States. ICBA Bancard enables thousands of community banks to provide
competitive credit card, debit card, ATM and merchant processing solution. The
company also provides exclusive services to issuers including its Fraud Loss
Protection Plan, marketing support, and product education. For more
information, visit www.icbabancard.org.
About Cachet Financial Solutions
Cachet Financial Solutions is a leading
cloud-based, SaaS technology provider serving the financial services industry
with mobile money and remote deposit capture solutions for PC, Mac and mobile.
Founded in early 2010, Cachet has quickly grown into a technology leader and
trusted partner of some of the largest and most respected financial
organizations. With remarkable growth, an impressive client base and
award-winning technology, Cachet continues to drive innovation and deliver
world-class solutions to financial institutions of all sizes. For more
information, visit www.cachetfinancial.com.
About Central Payments and Central
Bank of Kansas City
Central Payments operates as the payments
division of Central Bank of Kansas City (CBKC) and administers prepaid card
programs issued by CBKC via retail, employer/payroll, and online outlets
nationwide. CBKC is a sixty-four year-old family-owned Bank located in the
heart of Kansas City, Missouri and one of 136 financial institutions in the
country certified by the U.S. Treasury as a Community Development Financial
Institution (CDFI). CBKC and Central Payments share the mission to provide high
quality financial products to consumers of modest means and who historically
have not enjoyed the benefits of affordable and accessible financial services.
“Treat Each Customer’s Balance as Though It’s All They Have” guides our
approach to product design, customer service, and affordability. Member FDIC.
for more information.