ICBA and Mastercard Partner to Enhance Community Bank Payments

Independent Community Bankers of America’s (ICBA’s) payment subsidiary, ICBA Payments, has partnered with Mastercard to enhance card and payment services for community banks.

The partnership aims to support 1,400 community banks, which represent over $43 billion in credit and debit sales, by bolstering and modernizing their card programs with innovative features that enhance the customer experience.

Through the partnership, Mastercard will oversee all cardholder communication and marketing. It will also provide custom-designed joint marketing assets to help improve cardholder activity for ICBA Payments’ member banks.

Meanwhile, ICBA will upgrade its sponsored card programs to Mastercard at no cost and introduce contactless cards, digital wallet tokenization, industry standard eight-digit BINs and business BIN optimization.

Jacob Eisen, CEO of ICBA Payments, said:  “By partnering with Mastercard, we’re equipping our member banks with innovative, secure, and cost-effective solutions that empower them to support and grow the neighborhoods they serve. Together, we are paving the way for stronger local economies and enduring customer relationships.”

Further enhancing community banks’ ability to deliver an improved customer experience, OakNorth will acquire a US community bank.

The UK-based digital bank is set to purchase Community Unity Bank (CUB), an FDIC-insured institution in Birmingham, Michigan, through a stock-for-stock transaction.

The acquisition will provide CUB with the capital needed to better serve small businesses, offering tailored support and competitive products. It also strengthens OakNorth’s strategy to expand its US presence.