First Business Bank Partners with CorServ for Improved Credit Card Issuing to Commercial Customers
Rhea-AI Summary
First Business Bank (FBIZ), a $3.8 billion bank based in Madison, WI, has partnered with CorServ to enhance its credit card services for commercial customers. The bank is transitioning from an Agent Bank referral model to CorServ's hybrid issuing model to gain more control over its credit card program and improve customer experience.
The partnership will enable First Business Bank to offer commercial, business, and consumer credit cards with modern features including: a mobile application with receipt management, expense reporting capabilities, customizable reports with Level 2 and 3 transaction data, and self-service interface for business administrators. This strategic move aims to help FBIZ better compete with large issuers while strengthening customer relationships.
Positive
- Enhanced control over credit card program through transition to hybrid issuing model
- Introduction of modern features including mobile app, receipt management, and expense reporting
- Expanded product offering with commercial, business, and consumer credit cards
- Improved competitive position against large issuers
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, FBIZ gained 0.79%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
First Business Bank, a
The First Business Bank team made the move to CorServ's hybrid issuing model from an Agent Bank referral model to improve their overall experience, gain more control over their credit card program, participate in credit decisioning and strengthen relationships with their customers.
"We focus on building strong partnerships with our clients, and that involves understanding their unique individual needs. Processing payments consistently and efficiently, whether it's for business travel or an office purchase, needs to be both convenient and reliable. Card payments are also known for being difficult to track, which is why we are excited to introduce a mobile application with receipt management capabilities and expense reporting built into the online system. This aligns with our strategy to deliver tailored financial solutions that help our clients achieve their goals," said Melissa Fellows, Senior Vice President – Managing Director of Treasury Management at First Business Bank. "We're pleased that CorServ's credit card program will enhance our ability to serve our clients with modern tools that meet their needs."
Through CorServ, First Business Bank will offer commercial, business and consumer credit cards. Bank customers will have access to a modern self-service interface with cardholder management capabilities for business administrators, customizable reports including Level 2 and 3 transaction data, and an integrated expense reporting module. First Business Bank will leverage CorServ's innovative solution to retain customers and compete with big issuers in the market.
"We're excited to partner with First Business Bank to deliver a modern, efficient credit card program that benefits both their customers and employees," said Anil Goyal, CEO of CorServ. "Our robust suite of card products and customizable features gives banks greater control and flexibility, empowering them to better serve their communities while overcoming the limitations of the traditional Agent Bank model."
About CorServ
CorServ provides innovative payment card issuing, processing and program management solutions empowering banks and fintechs to successfully deliver credit, debit, prepaid, virtual, and purchasing cards. CorServ's turnkey credit card issuing program enables banks to earn a significantly higher ROA than the typical Agent Bank model, access cardholder data, and participate in credit decisions without adding staff or infrastructure. Banks can choose to be self-issuers leveraging CorServ's comprehensive technology and capabilities, and fintechs can embed payment cards into their platforms with CorServ's API-first issuer processor solution. For more information, please visit https://www.corservsolutions.com/
About First Business Bank
First Business Bank® specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank's wholly owned subsidiary First Business Specialty Finance, LLC ®. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc®. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank. Member FDIC
MEDIA CONTACT:
Eden Dombrowa
281-733-3294
edombrowa@corservsolutions.com
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SOURCE CorServ
FAQ
What new features will First Business Bank (FBIZ) offer through its CorServ partnership?
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Why did First Business Bank (FBIZ) switch from Agent Bank model to CorServ's hybrid issuing model?
