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 havepartnered with Cachet Financial Solutions Inc. and Central Bank of Kansas Cityto offer its Select Mobile Money-Express™ (SMM-X) platform to community banks.The SMM-X platform features a reloadable prepaid card, the Select Mobile MoneyPrepaid Mastercard®, which will be showcased during ICBA Community BankingLive, March 15-19 in San Antonio.
“We’re offering this prepaid card program, inpartnership with Central Bank of Kansas City and Cachet, to help communitybanks increase customer engagement, grow revenues and gain competitiveadvantages,” said ICBA Bancard President and CEO Tina Giorgio. “Typically thesesolutions have only been available to large national banks due to the highcosts of platform development and deployment. This cost-effective, highlyscalable program offers a state-of-the-art mobile prepaid program thatcommunity banks can offer their customers.”
Easily accessible via a bilingual companionmobile app, cloud-based mobile services include: account management,check-to-card fund loading with an option for “instant good funds,” andcard-to-card transfer and remittance. The mobile app supports convenientfeatures like fingerprint authentication and location-based technology that canpinpoint nearby reload locations and ATMs. Cardholders can also send moneyinternationally to family and friends with fully-integrated, seamless andsecure money transfer, and gain access to a national mobile coupon network of150,000 merchants offering local deals.
“We have joined with ICBA Bancard, Cachet andMastercard to deliver a prepaid solution that represents a major leap inenabling community banks with the latest in mobile money technology,” saidTrent Sorbe, president of Central Payments, which will issue the prepaidcards. “This robust prepaid card program will allow banks to extend theirproduct reach to not only the traditional prepaid users but also the increasingpopulation of customers that expect technology-powered solutions which maketheir banking experience easier and more convenient.”
“Our new partnership with ICBA Bancardaddresses the growing demand from community banks for a prepaid card programthat can be delivered expeditiously and cost-effectively, but withoutcompromising features or functionality,” said Jeffrey Mack, president and CEOof Cachet.
The prepaid card is welcomed everywhereMastercard is accepted.
“We recognized that community banks have aspecial role in supporting the neighborhoods where their depositors live andwork, as well as in helping local businesses and communities thrive,” saidMastercard’s Executive Vice President John Ainsworth. “We remain committed tothe thousands of community banks across the country who are continually lookingfor new and better ways to service their customers.”
About ICBA Bancard
ICBA Bancard® is the wholly owned paymentservices subsidiary of the Independent Community Bankers of America. ICBABancard’s community bank issuers generated $22 billion in sales volume in 2015and are ranked collectively as the 25th largest credit card portfolio in theUnited States. ICBA Bancard enables thousands of community banks to providecompetitive credit card, debit card, ATM and merchant processing solution. Thecompany also provides exclusive services to issuers including its Fraud LossProtection Plan, marketing support, and product education. For moreinformation, visit www.icbabancard.org.
About Cachet Financial Solutions
Cachet Financial Solutions is a leadingcloud-based, SaaS technology provider serving the financial services industrywith mobile money and remote deposit capture solutions for PC, Mac and mobile.Founded in early 2010, Cachet has quickly grown into a technology leader andtrusted partner of some of the largest and most respected financialorganizations. With remarkable growth, an impressive client base andaward-winning technology, Cachet continues to drive innovation and deliverworld-class solutions to financial institutions of all sizes. For moreinformation, visit www.cachetfinancial.com.
About Central Payments and CentralBank of Kansas City
Central Payments operates as the paymentsdivision of Central Bank of Kansas City (CBKC) and administers prepaid cardprograms issued by CBKC via retail, employer/payroll, and online outletsnationwide. CBKC is a sixty-four year-old family-owned Bank located in theheart of Kansas City, Missouri and one of 136 financial institutions in thecountry certified by the U.S. Treasury as a Community Development FinancialInstitution (CDFI). CBKC and Central Payments share the mission to provide highquality financial products to consumers of modest means and who historicallyhave not enjoyed the benefits of affordable and accessible financial services.“Treat Each Customer’s Balance as Though It’s All They Have” guides ourapproach to product design, customer service, and affordability. Member FDIC.Visit www.central-payments.comor www.centralbankkc.comfor more information.
