As per the agreement, Bancorp Bank will serve as a new issuing bank for both new and existing card programs for which NetSpend serves as program manager and processor.
NetSpend’s debit cards are designed to be alternative to cash and traditional banking products for the estimated 60 million underbanked consumers in the US and it markets the cards through direct-to-consumer and online programs, corporate employers and retail distributors across the country.
The Bancorp Payment Solutions Group managing director Jeremy Kuiper said the NetSpend card is a terrific alternative to a traditional bank account and we believe that the strength and commitment of The Bancorp will greatly enhance the NetSpend offering.
Since October of 2010, NetSpend and The Bancorp Bank have been working closely together to complete mutual due diligence, program assessment and technical integration planning.
With the finalization of the definitive agreement and other operational requirements nearing completion, NetSpend expects to begin issuing general-purpose reloadable prepaid debit cards in collaboration with The Bancorp Bank in April 2011.
