Corserv, a Fintech Empowering Financial Institutions with Payment Programs, Teams Up with Peoples Bank

Corserv, a company that empowers banks and fintechs with payment programs, has partnered with Ohio-based Peoples Bank in order “to implement a credit card program to serve their commercial, small business, nonprofit, local municipalities, and consumer customers.”

Peoples Bank is “a $8.8 billion full-service relationship bank headquartered in Marietta, Ohio with a total of 132 bank offices in Ohio, Kentucky, West Virginia, Virginia, Maryland, and the District of Columbia.”

Peoples Bank is moving from “an Agent Bank program to Corserv’s program where they now own the credit card profits and losses and are able to make credit decisions using its relationship knowledge of applicants as a factor in approving credit.”

Corserv’s comprehensive program “enables Peoples Bank to offer 14 different credit card products, including commercial and business cards, traditional rewards cards, a low rate card, a high-rewards world card and secured cards for those building their credit.”

Peoples Bank expects credit cards “to be a great performing product in the bank, given that Corserv’s bank partners averaged a 7.7% Return on Assets (ROA) last year from its credit card programs.”

Peoples Bank commercial and business customers “will now have increased control capabilities with Corserv’s business administrative interface allowing them to issue new cards, set spend controls, and pay vendors with virtual cards faster.”

Tom Frawley, Senior Vice President of Peoples Bank, said:

“With Corserv’s credit card program, Peoples Bank can now serve our business customers with features like free expense reporting and detailed transaction reports that include level 2 and level 3 data. Our new card products have competitive rewards programs while at the same time providing a long term product for our consumer and small business customers with relationship-based APRs lower than industry average.”

Anil Goyal, CEO of Corserv, said:

“Our turnkey card issuing program enables Peoples Bank to provide the best banking experience for its customers. Corserv’s program minimizes the disruption, cost and resources needed for typical card programs and gives Peoples Bank the payment card features that compete with the largest banks while serving the specific needs of their communities.”

Peoples Bank’s staff also benefits “from Corserv’s program as they will have 24/7 access to its customer support call center in addition to access to support tools to serve their customers locally, something Peoples Bank could not do in its Agent Bank program.”

As noted in the update, Corserv provides innovative issuing processing and program management services “for credit, debit and prepaid cards enabling Banks and Fintechs to deliver and embed payment card capabilities for their customers.”

Corserv’s deep expertise in the industry combined with their modern technology API solution provides their clients “with everything they need to quickly build a successful credit-issuing business.”

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