Connect with us
Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

News

Columbia Bank Taps Corserv to Launch Business Credit Card Program

gbafNews28

ATLANTA, March 31, 2021 /PRNewswire-PRWeb/ — Columbia Bank Taps Corserv to Launch Business Credit Card Program

Fair Lawn, N.J. – based Columbia Bank ($8.8 billion in assets) is now leveraging business and commercial credit cards powered by Corserv, a company that empowers banks and fintechs with payment programs for commercial, small business, and consumer customers.

After learning of Corserv's program from an existing Corserv client, Columbia Bank selected and implemented Corserv's card program to offer sophisticated Columbia-branded card products, including purchasing cards, virtual cards, ghost cards, an expense reporting system, self-service admin portals, limits controls and alerts, and ePayables, initially for commercial and business customers.

“Our customers value our approach to delivering the best products in a personal way. As their bank of choice, we want to be sure we are not only continuing to deliver the products and services that we are known for, but identify the products and services our customers will want to see in the future,” said Matt Clements, Head of Retail Sales and Product, Columbia Bank. “With Corserv's card products, we were able to implement and now manage the program without adding staff or infrastructure. We also value the ability to own the credit decisioning and P&L, including revenue from interchange, interest, and fees, without the need to create a credit card policy, compliance program, and disclosures.”

Prior to selecting Corserv, Columbia Bank considered implementing a direct issuer program offered by leading card processors. The direct issuer program would have required Columbia to separately contract for an underwriting solution and fraud control solution. The bank would have also been required to obtain its own BINs from Mastercard, implement a compliance program, hire additional staff, and implement settlement with Mastercard among additional considerations.

“Full-service card issuing programs, especially with technology and support for commercial cards, are becoming an increasingly important part of a successful financial institution,” said David Luther, Chief Business Officer, Corserv. “Columbia Bank understood this and sought not to only deliver the best card issuance experience to its customers but also own the growth and profits from the program. Corserv's technology enables Columbia Bank's program to share operating scale with multiple banks, leverage compliance support from a sponsor bank, and provide hosted and secure applications with automated underwriting, mobile capabilities, servicing, fraud management, rewards, reporting, marketing, and more.”

About Columbia Bank
Headquartered in Fair Lawn, NJ, Columbia Bank has an asset base of approximately 8.8 billion and 61 full-service offices throughout New Jersey. Columbia Bank offers a wide range of consumer and commercial products, including online and mobile banking, localized lending centers as well as title, investment, and wealth management services. For more information about Columbia Bank's full line of products and services, visit their website at ColumbiaBankOnline.com.

About Corserv
Corserv provides payment services including a turnkey issuing program for credit cards, P-cards, and virtual cards that enables Banks and Fintechs to deliver competitive, branded payment services to their customers. Corserv's secure hosted programs combine credit, compliance and marketing expertise with modern online solution and open APIs – key elements clients need to quickly build a successful card-issuing business. Corserv's clients increase their earnings per share by benefitting from loan interest, interchange, fee income and economies of scale from Corserv's client base. Most importantly, they deepen their customer relationships. For more information, please visit http://www.corservsolutions.com.

Media Contact

Sean McCormick, William Mills Agency, 6787817210, sean@williammills.com

 

SOURCE Corserv Holdings, Inc.

Advertisement
Editorial & Advertiser disclosure

Call for Entries

Global Banking and Finance Review Awards Nominations 2022
2022 Awards now open. Click Here to Nominate

Newsletters with Secrets & Analysis. Subscribe Now

Recommended

Global Banking & Finance Review® is a leading financial portal and Print Magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management. Copyright © 2010-2021 GBAF Publications Ltd - All Rights Reserved.