Press Releases

ICBA Bancard Partners with Cachet, CBKC and Mastercard for Prepaid Mobile Banking Platform

Mar 15, 2017
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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 of Cachet.
 
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 64-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. Visit www.central-payments.com or www.centralbankkc.com for more information.


Media Contacts

StokesAleis-5176r-5x7Aleis Stokes
SVP, Media & Public Relations
202-821-4457
Aleis.Stokes@icba.org
@AleisStokes

Swann-8218Nicole Swann
AVP, Communications
202-821-4458
Nicole.Swann@icba.org
@ICBA_nswann