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."