Northeast Bank adds credit cards to commercial suite through Corserv solution
Minnesota, US-based Northeast Bank has tapped Corserv to launch a new credit card programme for its commercial and business customers.
Northeast Bank to launch credit cards with Corserv
The $770 million asset community bank will leverage the vendor’s account issuer programme to deliver the latest addition to its commercial suite.
This range of services so far contains business loans, current and savings accounts, business insights, cash management and investment planning services.
A Corserv whitepaper claims the turnkey solution can launch credit cards “in less than 120 days from contract”, with Northeast Bank to retain full control over credit decisioning, portfolio management and ownership.
A statement regarding the solution’s latest application says that, in addition to “many improved features”, Northeast Bank’s commercial and business customers stand to benefit from “rewards and rebates realised by using credit cards for payments”.
This is in addition to “better choices of credit card products, insightful customisable reports including Level 2 and 3 transaction data, virtual cards to pay vendors, spend controls, and efficient expense reporting”.
“Corserv’s commercial card programme equips us with compelling card options, a powerful self-service interface for company administrators to manage their cards, and personalised rebate options for businesses,” comments Eva Rasmussen, chief strategy officer at Northeast Bank.
Rasmussen goes on to state that the solution will enable the bank to service businesses “beyond what national card issuers can provide”.
Northeast Bank is now part of a growing list of US-based financial institutions that are leveraging the solution to power credit card offerings. These include Meridian Bank in Pennsylvania, Peoples Bank in Ohio, Busey Bank in Georgia, and most recently, Avidbank in California.
