TransCard, that provides electronic-payment and prepaid debit card solutions branded with MasterCard, Discover, STAR and PULSE associations, and University National Bank, have signed a card program sponsorship agreement.
The two companies will work together on prepaid programs and extend prepaid products and mobile bank accounts to those individuals who are normally beyond the reach of conventional financial institutions.
TransCard’s all-electronic business model reduces the need to print paper checks, mail them, and distribute them across the country as well as decreases the waste produced by paper checks and paper pay stubs.
University National Bank’s mobile banking platform, provided by mobe inc, allows the bank to bring a large suite of financial services to a largely underserved market segment. The bank offers a socially responsible deposit fund (SRDF), which puts money to work in low and moderate income communities through the bank’s provision of loans to support small businesses, affordable housing development and non-profit organizations in these communities.
Craig Fuller, chief executive officer of TransCard, said: “TransCard and University National Bank have an organic synergy regarding concerns about underserved communities and the plight of our planet. Our companies both value responsible entrepreneurship allowing our collaboration to open up avenues of opportunity to those in need while positively impacting the environment.”
Jerry Uffner, president of TransCard, said: “Primarily, TransCard serves those individuals who are disenfranchised from traditional financial institutions, such as the under- and unbanked. With University National Bank as a partner, we have chosen a financial institution that thinks outside of the box regarding how to customize products that meet the needs of those who have historically been left out. We can now reach a wider, more diverse audience of people who can use prepaid cards to manage their money more cost effectively.”
