Ohio-based Peoples Bank has implemented Corserv’s credit card program.
This partnership aims to revolutionize the banking experience for Peoples Bank’s diverse customers, including commercial, small business, nonprofit, local municipalities and consumer clients, the companies said in a Wednesday (Aug. 16) press release.
Peoples Bank, which operates 132 bank offices across multiple states, will use Corserv’s program to take full ownership of credit card profits and losses, according to the release. Furthermore, the bank can now make credit decisions based on its in-depth knowledge of applicants.
Corserv’s program empowers Peoples Bank to offer an extensive selection of credit card products. These include commercial and business cards, traditional rewards cards, a low-rate card, a high-rewards world card and secured cards for individuals seeking to build their credit.
Peoples Bank anticipates credit cards to be a high-performing product, as Corserv’s bank partners achieved an average return on assets (ROA) of 7.7% from their credit card programs last year, per the release.
One of the notable advantages of Corserv’s program is the enhanced control capabilities it offers to Peoples Bank’s commercial and business customers, according to the press release. Through Corserv’s business administrative interface, these customers can issue new cards, set spending controls, and expedite payments to vendors using virtual cards.
Tom Frawley, senior vice president of Peoples Bank, said in the release: “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. 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 the industry average.”
Anil Goyal, CEO of Corserv, highlighted how their turnkey card issuing program will elevate the banking experience for Peoples Bank’s customers. Goyal said in the release that Corserv’s program minimizes disruption, costs and resources typically associated with card programs.
In another recent partnership, Inbanx collaborated with Corserv in May to launch Visa commercial credit cards. In that project, Inbanx is integrating Corserv’s payment card issuing platform into its own budget and spend control platform.
Image by: Pymnts
