Fiserv will provide prepaid and gift card processing for the consortium of community banks.
Minneapolis-based Sunrise Community Banks announced that is has reached an agreement with Fiserv to provide prepaid and gift card processing services. Sunrise operates three community banks in the Twin Cities region.
Sunrise Community Banks are certified Community Development Financial Institutions (CDFIs). The U.S. Department of Treasury certifies financial institutions as CDFIs if they demonstrate a primary mission of community development, serve a distressed target market, and remain accountable to that target market. Nationwide, there are only 85 banks with this designation.
"We have a track record in the prepaid space and have found that prepaid cards are an ideal way for us to reach and serve consumer segments not currently in the financial mainstream," said Trinity Surat, eBanking director of Sunrise Community Banks, in a statement.
All prepaid cards will carry the MasterCard brand.