ICBA Bancard, the payment services subsidiary of the Independent Community Bankers of America (ICBA), has partnered with Cachet Financial Solutions and Central Bank of Kansas City (CBKC) to offer Cachet's Select Mobile Money-Express (SMM-X) platform to community banks.
The SMM-X platform features a reloadable prepaid MasterCard issued by CBKC and a bilingual mobile companion app that offers cloud-based services such as mobile account management, check-to-card fund loading and card-to-card transfer and remittance.
In order to offer better security, the app also features fingerprint authentication and location-based technology that can identify nearby reload locations and ATMs.
Additionally, it will allow cardholders to transfer fund globally to family and friends as well as gain access to a national mobile coupon network of 150,000 merchants offering local deals.
ICBA Bancard president and CEO Tina Giorgio said: “We’re offering this prepaid card programme, in partnership with Central Bank of Kansas City and Cachet, to help community banks increase customer engagement, grow revenues and gain competitive advantages.
“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 programme that community banks can offer their customers.”
The mobile technology delivered by Cachet is complemented by the prepaid card programme managed by a team of payments experts in CBKC’s Central Payments Division.
The prepaid card will be accepted at over 35 million locations across the globe as part of the MasterCard payment network.
Cachet Financial Solutions president and CEO Jeffrey Mack said: “Our new partnership with ICBA 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.”