Enid, Okla. – Employers all across Indiana will soon have the option of offering the convenience of an ITS® Visa Payroll Card to their employees because of a recent agreement between Interactive Transaction Services and STAR Financial Bank.
The agreement allows ITS to issue and process FDIC-insured Visa Payroll Cards for STAR, headquartered in Fort Wayne, Indiana. The bank holds assets of $1.7 billion and operates 46 banking centers throughout the state. ITS is a transaction processing subsidiary of Central National Bank.
“Payroll cards are convenient for our business customers, who no longer have to issue paper checks. They can reduce payroll processing costs and potential check fraud,” said Jim Marcuccilli, President and CEO of STAR Financial Bank.
Payroll cards have become an effective mechanism for serving individuals who are typically unbanked and underserved by the financial world. STAR’s entrance into the payroll card market makes it the newest bank to be served by ITS.
“Payroll cards allow us to reach out to workers within the communities we serve who may not otherwise need a bank,” said Marcuccilli.
“Community banks all across the country are being proactive in their methods to enter the prepaid space,” said Brud Baker, president and CEO of Central National Bank. “With the ITS Visa Payroll Card, they can brand the card as their own and begin offering it immediately while earning revenue.”
“Financial institutions realize the value of having a cost-effective and turn-key solution to recommend to their commercial accounts,” Baker said. “All the bank has to do is market the cards. We handle everything else, from compliance to collection, distribution, settlement, and other complex operational requirements.”
The Visa Payroll Card offered by ITS has many features that make it unique, including a built-in remittance capability that allow cardholders to send money to family members in Mexico and 13 other Latin American and Caribbean countries at a price of $6. This is far less than the national average. ITS will also begin offering Bill Pay and Mobile Banking to cardholders. It is these features that make it particularly attractive in STAR’s area.
“STAR’s footprint consists of both urban and rural areas across east central and northeast Indiana. This diverse market area encompasses local residents, immigrants and migrant workers who don’t have a bank account. Instead of having to use expensive check cashing services, they can now use their payroll card which functions just like a debit card, allowing them to make purchases and pay bills. Funds can also be withdrawn using an ATM,” said Marcuccilli.
About Interactive Transaction Services
As subsidiary of the Central National Bank of Enid, Interactive Transaction Services was established to provide marketing, sales, delivery, and processing services for the prepaid card products of CNB. This model will work for banks, credit unions, and savings banks. For more information about any of the ITS products, contact Jerry Baskin at firstname.lastname@example.org or by phone at (918)254-0099. www.itsvcs.com
About Central National Bank
Central National Bank of Enid is an FDIC-insured financial institution headquartered in Oklahoma and is held by Central Services Corporation. There are eight branch locations throughout the state. The bank reported assets of $518 million as of June 30, 2009. CNB has been providing electronic services to other financial institutions for over 20 years and issuing and processing prepaid cards since 2002. www.cnb-ok.com
STAR contact information:
Senior Vice President
Marketing and Strategic Planning
STAR Financial Bank
Headquartered in Fort Wayne, Indiana, STAR Financial Bank holds assets of $1.7 billion. It operates 46 banking centers throughout Indiana, including the communities of Anderson, Angola, Carmel, Churubusco, Columbia City, Elwood, Fishers, Fort Wayne, Gas City, Gaston, Greenfield, Hamilton, Indianapolis, Kokomo, Marion, Muncie, New Castle, Noblesville, Pendleton, Shirley, South Whitley, Tipton and Upland. The bank’s parent company, STAR Financial Group, provides professional services in insurance, trust and wealth management. For more information about all of STAR’s services, visit the company’s web site at www.starfinancial.com.