- Partnership: Northeast Bank, a $770 million asset community bank based in Minnesota, has partnered with Corserv to launch a new credit card program for its commercial and business customers.
- Solution Details: The bank will use Corserv’s account issuer program, which offers a turnkey solution for launching credit cards in less than 120 days from contract.
- Control and Features: Northeast Bank will retain full control over credit decisioning, portfolio management, and ownership. The credit card program will offer rewards, rebates, and improved features such as customizable reports, virtual cards, spend controls, and efficient expense reporting.
- Customer Benefits: The new credit card program will provide businesses with better card options, enhanced reporting capabilities including Level 2 and 3 transaction data, and personalized rebate options.
- Statement: Eva Rasmussen, Chief Strategy Officer at Northeast Bank, emphasizes that Corserv’s solution allows the bank to offer compelling card options and personalized services beyond what national card issuers provide.
- Industry Trend: Northeast Bank joins a growing list of US-based financial institutions, including Meridian Bank, Peoples Bank, Busey Bank, and Avidbank, that are using Corserv’s solution for their credit card offerings.
