Pathward Transforms Product Suite with Launch of ';Solutions for Financial Institutions'
Pathward, a leading financial empowerment company, announces the expansion of its product suite for financial institutions, enhancing its offerings beyond prepaid cards. The new suite, Solutions for Financial Institutions, includes commercial finance solutions and merchant services, providing community banks and credit unions with turnkey solutions to streamline operations without the need for multiple third parties. This move aims to help these institutions enhance customer relationships and meet unique client needs. Pathward's offerings include asset-based lending, Small Business Administration lending, and merchant processing services, bolstering support for banks and credit unions in a competitive financial landscape.
- Pathward's product expansion provides comprehensive solutions beyond prepaid cards, increasing versatility.
- Solutions for Financial Institutions offers turnkey products, reducing the need for multiple third parties.
- The suite includes commercial finance solutions and merchant services, enhancing support for small to midsized banks and credit unions.
- Pathward provides consistent support in marketing, training, and technology tools.
- Enhanced offerings aim to deepen customer relationships for community financial institutions.
- Includes asset-based lending and Small Business Administration lending, providing flexible financial products.
- Merchant services empower banks and credit unions to manage merchant processing without additional liabilities.
- Potential high implementation costs for Pathward to expand and support new offerings.
- Increased competition from established players in commercial finance and merchant services.
- Risk of reduced focus on existing core products like prepaid cards, which may affect current customer base.
Comprehensive offerings to foster meaningful growth for banks and credit unions
Pathward Solutions for Financial Institutions provides an enhanced, turnkey product lineup for financial institutions that cuts out the need for multiple third parties. With the transformed suite of offerings, small and midsized banks and credit unions no longer need to use in-house resources to build and operate these functions on their own. Plus, they will have access to consistent support from Pathward on marketing, training, and technology tools.
“Pathward is excited to roll out Solutions for Financial Institutions so banks and credit unions can expand their banking and lending solutions to better serve their communities,” said Brittany Kelley, Pathward’s Vice President of Solutions for Financial Institutions. “From competitors to technology, community financial institutions face an array of challenges in an ever-evolving financial ecosystem, and Pathward’s suite of solutions makes it easier for them to deepen their customer relationships.”
Building on Pathward’s legacy of forward-thinking solutions and relationships along with strong compliance standards, Solutions for Financial Institutions provides a range of products to help community banks and credit unions fulfill the unique needs of their customers. This new era for Pathward’s product suite establishes its services for financial institutions beyond the existing prepaid focus, which includes gift cards and reloadable cards. It also ushers in advanced opportunities for Pathward to support banks and credit unions, including:
- Commercial Finance Solutions: Today’s businesses require unique, flexible financial products to maximize cash flow or to expand their business. When business clients don’t qualify for traditional financing or when a product isn’t available, Pathward provides a variety of options including asset-based lending and Small Business Administration lending.
- Merchant Services: Pathward’s merchant services program empowers community banks and credit unions to offer merchant processing services to their business clients, eliminating the challenges and liabilities associated with managing an independent program.
“We are proud to continue Pathward’s commitment to helping financial institutions grow and succeed in an increasingly fierce marketplace,” said Pathward Divisional President of Banking as a Service Will Sowell. “Solutions for Financial Institutions expands our capabilities to function as a facilitator of growth for banks and credit unions, and we are excited to foster a deeper understanding of the needs of these institutions as we pave the way for a new age of support for our customers. We plan to continue evolving Pathward’s product suite for financial institutions and look forward to powering their future growth.”
Learn more about Pathward’s Solutions for Financial Institutions at https://www.pathward.com/banking/financial-institution-solutions/.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a
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Courtney Heidelberg
605.291.7044
mediarelations@pathward.com
Source: Pathward
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