The Austin, Texas-based BancVue Ltd, a product development and marketing company that serves community financial institutions, announced a strategic partnership Sept. 7 with TSYS, one of the world's largest outsourced payment services companies. BancVue will provide TSYS' electronic payment services to community financial institutions and will be announcing further details of product plans in the near future, according to a company release.
"We couldn't be more excited to bring TSYS' best-in-class card products to the community financial institutions marketplace," said Gabriel Krajicek, chief executive officer of BancVue. "This partnership will go a long way toward supporting our mission of bringing innovative and market-ready products that empower our clients to offer card products that are competitive with the megabanks."
The news follows a Sept. 2 release that announced BancVue had acquired a credit card portfolio from the FDIC representing nearly 700 agent bank relationships. The purchase effectively doubled BancVue's client base.
According to Don Shafer, chairman of BancVue, the company's mission is to empower community financial institutions to win the war against the mega banks. Shafer shared that one of the company's consumer research findings revealed that "if a community banking institution does not offer their own branded credit cards, then in the mind of the consumer that financial institution can't really be competitive when it comes to products when compared to a mega-bank."
Thousands of community financial institutions across the country want to be full-service providers to their account holders, he said, and having their own branded card will help them be just that.
"In fact, we intend for these cards to become 'top of wallet,' literally replacing the cards branded by the megabanks," he said.
BancVue also announced it has partnered with First Arkansas Bank & Trust of Jacksonville, Ark., to serve as a sponsor bank so clients can provide their own branded cards.