In a strategic partnership, Corserv, a leading provider of payment programs for banks and fintechs, has joined forces with Ohio’s reputable Peoples Bank. The collaboration aims to revolutionize the credit card landscape, offering an innovative solution designed to benefit commercial, small business, nonprofit, local municipalities, and consumer clients.
Marietta, Ohio: Peoples Bank, a distinguished full-service financial institution with assets totaling $8.8 billion, has embarked on a transformative journey by partnering with Corserv. With an extensive network spanning across states such as Ohio, Kentucky, West Virginia, Virginia, Maryland, and the District of Columbia, Peoples Bank is set to introduce a groundbreaking credit card program that promises enhanced flexibility and customized credit decisions.*
As part of their strategic transition, Peoples Bank is transitioning from its existing Agent Bank program to Corserv’s cutting-edge solution. This shift empowers the bank with direct control over credit card profits and losses, marking a significant departure from the traditional banking model. Moreover, Peoples Bank will harness its profound understanding of customer relationships to inform credit decisions, a distinctive approach that sets them apart in the industry.
By aligning their forces, Corserv and Peoples Bank are poised to reshape the credit card landscape, offering an unparalleled experience for a diverse array of customers. This strategic partnership not only signifies a technological leap but also underscores Peoples Bank’s commitment to providing tailored financial solutions that cater to the unique needs of their clientele.
Corserv’s comprehensive program enables Peoples Bank to offer 14 different credit card products, including commercial and business cards, traditional rewards cards, a low rate card, a high-rewards world card and secured cards for those building their credit. Peoples Bank expects credit cards to be a great performing product in the bank, given that Corserv’s bank partners averaged a 7.7% Return on Assets (ROA) last year from its credit card programs. Peoples Bank commercial and business customers will now have increased control capabilities with Corserv’s business administrative interface allowing them to issue new cards, set spend controls, and pay vendors with virtual cards faster.
“With Corserv’s credit card program, Peoples Bank can now serve our business customers with features like free expense reporting and detailed transaction reports that include level 2 and level 3 data,” said Tom Frawley, Senior Vice President of Peoples Bank. “Our new card products have competitive rewards programs while at the same time providing a long term product for our consumer and small business customers with relationship-based APRs lower than industry average.”
“Our turnkey card issuing program enables Peoples Bank to provide the best banking experience for its customers,” said Anil Goyal, CEO of Corserv. “Corserv’s program minimizes the disruption, cost and resources needed for typical card programs and gives Peoples Bank the payment card features that compete with the largest banks while serving the specific needs of their communities.”
Peoples Bank’s staff also benefits from Corserv’s program as they will have 24/7 access to its customer support call center in addition to access to support tools to serve their customers locally, something Peoples Bank could not do in its Agent Bank program.
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on Fintech Innovations, Regulatory Developments, Industry Insights, Events, and Banks/Insurance partnerships with fintechs. A platform for C-level executives to submit Thought Leadership content for their peers. Subscribe for updates!
