Corserv platform enables TBOM to own their card program and offer consumer, business, and commercial cards to customers
The Bank of Missouri (TBOM) has partnered with Corserv, a company that empowers banks and fintechs with payment card issuing programs, to launch Visa consumer, business, and commercial credit cards in their markets. TBOM owns the card program, resulting in improved customer relationships while adding this high margin fee and interest line of business to their books.
Corserv’s fully automated platform enables TBOM to service their market with minimal internal resources. The sophisticated card program includes branded card products, mobile app, digital underwriting, and onboarding, purchasing cards, virtual cards, ghost cards, expense reporting, accountholder alerts and controls, and self-service admin portals.
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“TBOM has worked closely with Corserv in establishing this new credit card program for our bank and has built the capacity to offer this program with its full suite of products efficiently to other financial institutions,” said Mark Barker, EVP and Chief Contract Services Officer. “This program is a natural extension of our contract servicing business where we sponsor credit issuance for 4.5 million accounts today. The 80%+ of banks that do not enjoy the full bottom line and franchise building aspects of credit card issuing should evaluate this easy to roll out program branded for their bank and their markets through our partnership with Corserv.”
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“The Bank of Missouri was looking for a complete credit card issuance program that they could brand and control,” said David Luther, Chief Business Officer at Corserv. “We look forward to continuing our work with TBOM and other community financial institutions to make credit cards a growing and profitable business line while enhancing the customer experience.”
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