Core-banking tech provider Jack Henry is expanding the services it offers banks and credit unions by offering support for prepaid cards, with assistance from TransCard.
The bank technology company offers the cards through its Jack Henry Banking, ProfitStars and Symitar divisions, it said Feb. 12. The service enables banks and credit unions to sell payroll cards, prepaid cards and gift cards, while holding the deposits and setting their own pricing.
TransCard, a prepaid card manager, is providing operational and marketing support.
And CoreFirst Bank and Trust in Topeka, Kan., has chosen the new Jack Henry/TransCard offering for its prepaid payroll product. The $1 billion-asset CoreFirst, with 29 branches in Kansas and Colorado, had been searching for a prepaid card provider as an alternative payment method to direct deposit, before selecting the Jack Henry/TransCard product.
"Today's banks and credit unions are competing against a variety of non-traditional providers of highly competitive financial products and services for both commercial and retail customers,” ProfitStars president David Foss said in the news release. “Our new prepaid card solution enables financial institutions of all sizes to efficiently and aggressively compete with this high-demand offering which ultimately expands wallet share and improves customer loyalty.”