PAYMENTS PULSE CHANGING FOR THE Winston Churchill famously said, “To improve is to change, so to be perfect is to have changed often.” If that’s true, the community banking industry must be edging close to flawlessness because change has become second nature over the past few years. We respond to market shifts and regulatory demands with resilience and tenacity, precisely because we place our communities and customers at the center of what we do, creating better experiences for them. Now ICBA Payments is asking you to consider making changes once again, with the goal of introducing a better solution for your customers and your bottom line. A New Card Partner As we announced at ICBA LIVE, ICBA Payments and Mastercard have built a new partnership model centered on empowering community banks to deliver outstanding experiences to their cardholders while boosting the banks’ card program profitability. This change will both enhance the value of your card program for your bank and extend enhanced, modern payment capabilities to your customers. Specifically, as part of this transition, ICBA Payments negotiated the following upgrades to your program: • Modern, contactless plastics. • Tokenization to digital wallets. • Industry standard eight-digit BINs. • Enhancements to business BINs. In short, you will be able to offer a modern card experience that better supports your bank and your customers now and into the future. Expanding Profitability But it’s not just about the experience. We’re also introducing greater revenue potential. One of the most exciting components of this shift lies in the marketing support Mastercard will bring, resulting in an uptick in cardholder engagement and spending. In fact, Mastercard reports that by introducing its best practices, community banks can see an average increase of more than 18% in debit spending, along with an increase in overall activation rates and provisioning for recurring payments. BY JACOB EISEN ICBA PAYMENTS BETTER 8 In Touch
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