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March was a mad month! Forget about the NCAA Division I Basketball Tournament (my sympathy Gonzaga), at ICBA Bancard we’ve been on a full court press.
Besides launching two exciting new product offerings (more on that later), I attended my very first ICBA Community Banking LIVE® convention in San Antonio. During my banking career, I’ve attended many large conferences, but I must say that ICBA LIVE now tops my list. I have never seen so many engaged bankers and vendors in one place and was truly moved by the commitment, dedication and passion for our industry that was on display.
It was a pleasure meeting many of you and I hope that those of you who attended my presentations on How to Develop a Payments Strategy and Faster Payments received useful information, plus some quick hits that you could take back to your bank and implement immediately. (See my interview with CB Broadcast on payments strategy).
As I mentioned, ICBA Bancard unveiled two new payment solutions to help community banks better serve their retail and small business customers.
The first is a small business receivables solution that provides a risk-managed platform for the registration, underwriting and delivery of ACH, remote deposit capture and card payments through one easy-to-use cloud-based system. As a community banker, I witnessed many examples of small business owners who excelled at their craft, but didn’t have a clue about how to manage their cash flow and account receivables. Knowing that community banks are the preferred banks of small businesses and that ACH adoption by this segment is still relatively low, we saw an opportunity to help community banks provide a valuable service to these small business owners. (Don’t miss our upcoming webinar to learn more).
Likewise, ICBA Bancard’s new prepaid solution also offers several useful applications for small business customers. It can be used to reduce payroll costs for your bank and/or its business customers by facilitating 100 percent employee conversion to direct deposit (even those without a bank account). It can also be used for travel and entertainment or expense reimbursement. On the retail side, it’s a great tool to teach teens or young adults budgeting and money management skills, while providing a convenient way to pay for purchases (and for Mom and Dad to see what they’re buying).
We’re taking the momentum from ICBA Community Banking LIVE and moving the ball forward. Be on the lookout for more announcements from ICBA Bancard, plus a future post on Same Day ACH, which will be the first in a series on the quickly evolving faster payments landscape in the United States.