First US bank built solely for payment processing and card issuing
Colorado National Bank, noted as the first US national bank to be acquired by Fintech entrepreneurs in 2018, has rebranded as Transact Bank, National Association (“Transact Bank”), effective immediately. The bank is an affiliate of Transact Pro, a European-based financial institution and gateway provider. The new name firmly represents the range of payment processing and card issuing solutions that Transact Bank plans to provide to serve the needs of domestic and cross-border businesses.
“We are proud to build on our momentum as an innovative Fintech-focused organization with a solid presence in the US and EU,” said Mark Moskvin, chief executive officer, Transact Bank. “Leveraging technology and expertise from both continents will extend our clients an unparalleled platform for conducting commerce, while lowering cross-border fees.”
Transact Bank is a member of Mastercard, Visa, SWIFT and the Federal Reserve Bank, and its core banking platform is powered by Fiserv. Transact Pro is a principal member of Mastercard, Visa, SWIFT and SEPA. Transact Pro’s solutions are supported by card acquiring and issuing platforms, and a proprietary PCI DSS Level 1 certified gateway. Together, by means of card and account issuing APIs on both continents, the two companies intend to provide the first true platform to support direct domestic and cross-border local payment processing and card issuing.
Transact Bank plans to provide its clients with access to a range of solutions including: bank card acquiring, bank transfers, foreign exchange services, EU-issued cards, and bank accounts in the US and EU. Providing access to cross-continental payment and banking solutions helps clients save on the costs of conducting cross-border business. Seamless integration via an advanced open Application Programming Interface (API) supports white-label branding for all aspects of a business: storefront, gateway, and cards.