BankServ Partners with The Bancorp Bank to Provide Private Label Banking and ODFI Processing to Their Customers.WILMINGTON, Del. -- The Bancorp Bank ("Bancorp") (Nasdaq NM:TBBK) an FDIC-insured financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provider, specializing in delivering private label, Internet enabled banking solutions, has partnered with BankServ, a leading payment and electronic funds transfer See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. company, to provide an integrated set of flexible banking and Automated Clearing House See ACH. (ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to ) processing services and Originating Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Financial Institution ("ODFI ODFI Originating Depository Financial Institution (banking) ") services, bringing a wider selection of payment solutions to BankServ's customers. Bancorp's ACH infrastructure provides a scalable solution to larger volume ACH processors like BankServ. The platform allows for the use of various technologies to process transactions, thus allowing better access to the Federal Reserve resulting in the faster movement and clearing of funds. ACH processing allows for the electronic transfer of funds through Bancorp's secure network and as an ODFI, Bancorp is able to originate commercial ACH transactions via the Federal Reserve Banks' Fedline system. "Our business model and infrastructure allow us to provide a customized solution that will build upon BankServ's payment and electronic funds transfer services. The addition of our banking platform will support BankServ's continued growth as well as provide their customers customized banking products," said Frank M. Mastrangelo, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of The Bancorp Bank. "Bancorp's Internet based products and services are a natural fit with our organization and meets our demands for high quality products and customer care," said Peter Hosokawa, Chief Operating Officer and Chief Financial Officer of BankServ. The strategic alliance between Bancorp and BankServ draws on the strengths of both businesses, which are dedicated to developing technologies that move money quickly and safely over electronic networks. Both Bancorp and BankServ provide their customer's alternatives that allow businesses to transfer funds securely, quickly, and efficiently. To learn more about Bancorp solutions contact Walt Levengood at 302-385-5086 or wlevengood@thebancorp.com. About The Bancorp Bank The Bancorp Bank ("Bancorp") is an FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured commercial bank that delivers a full array of financial services and products through private-label affinity partner programs nationwide. The private-label platform allows non-bank companies to provide branded banking products to their customer base. About BankServ BankServ is a leading U.S. provider of secure Fed wire transfer, SWIFT, ACH and credit card payment solutions for banks, governments, insurance companies and businesses. BankServ is also the provider of SameDayPay(SM), which allows consumers to make eCheck payments over the Internet or by phone, even on the date the payment is due. More information about privately held BankServ can be found at www.bankserv.com. |
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