CHATTANOOGA, Tenn.--()--Recognizing the momentum behind their market-disrupting Community Bank Prepaid Program is building rapidly, TransCard and Business Solutions, an ABA subsidiary, announced a multiple year extension of their partnership.
“This program virtually eliminates the traditional barriers to entry that have kept community banks at the sidelines of the prepaid business.”
TransCard CEO, Craig Fuller, stated, “This program virtually eliminates the traditional barriers to entry that have kept community banks at the sidelines of the prepaid business.”
Bill Kroll, President, ABA Business Solutions, added, “The Community Bank Prepaid Program has allowed ABA to attract new members and better serve bankers by addressing a specific need and opportunity in the market. We believe banks are the best source for prepaid financial services. TransCard’s innovative technology is positioning community banks to be that trusted provider and meet the growing demand for this product.”
Unique in an industry that had known only a traditional agent bank model, The Community Bank Prepaid Program offers banks the lowest cost/lowest risk new deposit product, enabling them to serve new customers and deepen relationships with existing clients.
The appeal of the program to banks of all sizes has exceeded the partners' most optimistic expectations. Program participants range in size from $60 million to $13 billion in assets. The pace of new signings gives every indication that the launch of prepaid programs by national banks will expand the opportunity to grow the program.
The partners are confident that, with announcements of new program enhancements planned throughout the coming year, they will continue to lead the prepaid sector and our transformation into a cashless society.
Chattanooga-based TransCard is the leading provider of prepaid products to financial institutions of all sizes. The company’s platform enables financial institutions of all sizes to grow deposits and fee income, deepen their treasury relationships, expand product offerings to the underserved and turn unprofitable customers from cost items to contribution items. Financial Institutions interested in offering prepaid programs should visit our website and follow us on Twitter.
About ABA Business Solutions
Business Solutions, a subsidiary of the American Bankers Association, offers ABA members competitive products and innovative solutions selected by bankers for bankers that will help you save money, build customer relationships and improve your bottom line.