The new credit card programme is designed to cater to both business and commercial customers.
As per the press release, the decision to partner with Corserv was motivated by Meridian Bank’s interest in providing its customers benefits such as various APRs, features, and rewards.
Jason Rose, Vice President, Treasury Sales and Service at Meridian Bank stated the following in the official release: ‘We found that virtual card support, automated credit-decisioning, extensive spend controls, business self-service features, and free expense reporting from Corserv’s program allow us to offer specialised features to our business and commercial customers.’
The turnkey credit card issuing programme that Corserv provides allows the financial institutions to own the actual loan, the interchange, and the fee income, to manage credit decisions as well as to have access to the cardholder data, whilst a sponsor bank is the account issuer supporting servicing, compliance, and credit reporting.
In this three-branched ecosystem, Conserv provides the technology, ensures the digital customer experience, provides reporting and analytics, and offers program management.
About Meridian Bank
Founded in 2004, Meridian Bank has a presence in five states in the US, Pennsylvania, New Jersey, Delaware, Maryland, and Florida. Apart from providing baking solutions, the financial institution owns Meridian Wealth Partners, a registered investment advisor service.
The financial products that it provides its customers include retail and commercial real estate lending, business and industrial lending, electronic payments, and wealth management solution.
Some of the standard features that Meridian Bank offers for its business and commercial credit cards are reporting options for tracking expenses, customizable spending limits for employees, identity theft protection, and unlimited cards for businesses.
About Corserv
Corserv is an issuing, processing, and management services for debit and prepaid cards provider for banks and fintechs. Apart from the turnkey credit card issuing program, the company provides its clients with two other solutions: the direct credit card issuing program and the payment cards as a service API, or PCaaSA.
The direct credit card issuing program allows banks to offer their customers branded credit cards. The bank is also the owner of the loan interest, fee income, and interchange. Moreover, the financial institution has network BIN ownership, and it oversees risk, compliance, and servicing functions.
Finally, the payment cards as a service API, or the PCaaSA, is a platform that includes features such as, but not limited to: KYC verification, physical and virtual cards, fraud management, product configuration, and dispute handling.
