03:06 PM
Connect Directly

Urban Trust Offering First Data Prepaid Products for Underbanked and Others

Orlando, Fla.-based Urban Trust Bank will offer First Data's (Denver) Money Network payroll card and related prepaid products to businesses and consumers.

Urban Trust serves a large underbanked population, according to a release. Adding payroll cards and other loadable products will help it present customers with a less-costly alternative to issuing paper paychecks, and can be invaluable for people on a budget or for those who are trying to control their spending.

"First Data is a great partner with proven experience in the marketplace," says Bob Johnson, chairman of Urban Trust Bank Holding Inc., in a statement. "We can make a strong business case to employers for the use of payroll cards because these cards streamline the payment process for purchases or cash withdrawals. Wages are deposited to the payroll card account via direct deposit, and the employee uses the card to withdraw cash at an ATM or purchase goods and services. There is a real cost savings and protections to employees."

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.