This collaboration will help over 1000 community banks modernise and improve their card programmes through new features, offering a better customer experience by upgrading payments. The two companies share the same commitment to invest in the future of local communities in the US and modernise their capabilities.
By joining forces with Mastercard, ICBA Payments aims to equip its member banks with secure and cost-effective solutions that support them to grow and serve their respective neighbourhoods. This aims to assist local economies and long-lasting customer relationships.
Mastercard will manage all cardholder communication and marketing throughout the transition, and it will deliver custom-curated joint marketing assets to help improve cardholder activity for ICBA Payments’ member banks. As part of the agreement, the payments subsidiary will upgrade its sponsored card programmes to Mastercard at no cost and will feature contactless plastics, tokenisation to digital wallets, and industry-standard 8-digit BINs and business BIN optimisation.
The two companies aim to bring more people and businesses into the digital economy and enable community banks to drive financial support, foster local growth, and create a more connected and resilient ecosystem for the communities they serve. Aiding ICBA members’ payments evolution, education, and advocacy, ICBA Payments supports community banks of all sizes to navigate their payment needs.
ICBA notes that Mastercard’s best practices average an 18% increase in card spending along with an increase in overall activation rates and provisioning for recurring payments. When banks upgrade to Mastercard, they will be able to leverage its relationship with ICBA to receive improved support and service, utilising Mastercard’s billing account updater to ensure an easy transition of recurring payment transfers for bank customers, and increase profitability with limited bank disruption.
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