As part of the multi-year agreement, Elan will provide credit card products that Capital Bank will brand as its own, including cards that offer a variety of cash, travel and merchandise reward options.
Capital Bank chief technology and operations executive Zahid Afzal said: “This partnership with Elan will allow us to offer exciting credit card solutions and other services that best meet the unique needs of our customers.
“Elan, whose expertise is in the continually evolving payments industry, will manage all the back-end processes. That will allow Capital Bank to continue to focus on providing our customers with the best products and services.”
Elan credit cards senior vice president Matthew Carpenter said: “The increasingly competitive nature of the credit card business has motivated a growing number of financial institutions to seek out a partner like Elan.
“Our end-to-end solution, which includes card servicing, marketing and branch support, helps financial institutions focus on their customers.”
For corporate customers, Capital Bank will offer Elan’s One Card, which enables organizations to merge purchasing, travel and fleet card programs into a single streamlined payment solution, leading to reduced costs and increased efficiencies.
With One Card, employees can pay for airfare, supplies, fuel and anything else they are authorized to purchase with a single card. One Card is ideal for organizations that process multiple expense categories within a single department.
The new credit card products will be available to Capital Bank customers in the fourth quarter of 2016.
