Bancorp Bank of Wilmington, Del., has agreed to issue prepaid cards for Swift Prepaid Solutions, the issuer announced March 12.
Based in Buffalo Grove, Ill., Swift was founded in 1996 and now issues incentive and payment cards for Visa Inc., MasterCard Worldwide, Discover Financial Services LLC and American Express Co. Its first network-branded prepaid card was called SwiftGift, launched in 1998 but two grandmothers from suburban Chicago.
Bancorp Bank is the online commercial banking unit of the $3 billion-asset Bancorp Inc. and has more than 300 private-label affinity partner programs. Its payments unit, Bancorp Bank Payment Solutions, issues prepaid cards for various companies. Among its other customers is insurer Ace Ltd., which offers prepaid cards to policyholders affected by natural disasters (see story). Music mogul Russell Simmons, who is behind the prepaid RushCard, also is a customer (see story).
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