Corporate Spending Innovations (CSI), a division of Edenred, has entered into a definitive BIN sponsorship agreement with The Bancorp Bank to facilitate CSI's integrated payments processing and dual card issuing capabilities.
BONITA SPRINGS, Fla., July 6, 2022 /PRNewswire-PRWeb/ -- Financial technology firm Corporate Spending Innovations (CSI), a division of Edenred, has entered into a definitive Banking Identification Number (BIN) sponsorship agreement with The Bancorp Bank, a wholly-owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK). This sponsorship from The Bancorp, through its Fintech Solutions business, will facilitate the next level of CSI's integrated payments processing and dual card issuing capabilities, accelerating growth of CSI's leading integrated B2B payment programs and expanding the CSI payment network.
As an extension to its existing relationship with Edenred, this partnership combines more than 15 years of The Bancorp Fintech Solutions' BIN sponsorship experience with CSI's market-leading accounts payable (AP) automation platform. Fueled by exponential payments volume growth through accelerated market adoption, robust B2B payments API connectivity, and a market shift to embedded payments solutions, CSI focuses on enhanced customer experience for securely making full AP payments, leveraging all payment methods to meet market demand, and completely optimizing buyer and supplier preference.
"We are extremely pleased to be adding this strategic partnership with The Bancorp to our virtual card and payments issuing program," said David Disque, President and CEO of CSI. "When we went to the market for this solution, it was clear that few providers can deliver the required connectivity and service volume requirements for our needs. As one of the most experienced innovators and market leaders for these programs, The Bancorp emerged as a clear choice, and we look forward to working with them to enhance our client offering while taking our business to the next level."
"The Bancorp Fintech Solutions team is humbled to have been chosen by CSI as its primary sponsor bank and look forward to supporting the next phase of growth and innovation for CSI," said Ryan Harris, EVP and Head of Fintech Solutions at The Bancorp. "At The Bancorp, we seek to do more than just enable our clients' payments innovation. Our goal is to be an essential partner to fintech organizations that have a future-focused approach to technology and services. CSI's long-standing position as an innovator and market leader in B2B payments teams well with The Bancorp's depth and experience in providing back-end banking solutions."
About Corporate Spending Innovations
Corporate Spending Innovations (CSI) provides cloud-based payment solutions to world-leading brands through highly secure corporate payment solutions, including CSI Paysystems, CSI Travel, and global-fleet fuel cards. Corporate Spending Innovations customers can automate 100% of B2B payables, including virtual card, proprietary B2B Payments Network, ACH, check, or foreign exchange with cross-border payments settled in local currency. CSI is a certified Mastercard processor and has obtained Visa Ready for Business Solutions approval.
About Edenred
Corporate Spending Innovations is part of Edenred, a leading digital platform for services and payments and the everyday companion for people at work. Edenred connects over 50 million users and 2 million partner merchants in 46 countries via more than 850,000 corporate clients. In addition, Edenred offers specific-purpose payment solutions for food (meal benefits), mobility (multi-energy, maintenance, toll, parking, and commuter solutions), incentives (gift cards, employee engagement platforms), and corporate payments (virtual cards).
About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine, and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.
MEDIA CONTACTS
Corporate Spending Innovations
Lisa Gruner
[email protected]
978-314-0753
The Bancorp
Rachel Weiss, VP, Communications Manager
[email protected]
302-385-5410
Kathleen Hayn, AVP, Communications Specialist
[email protected]
302-385-5183
INVESTOR RELATIONS
The Bancorp
Andres Viroslav, Director of Investor Relations
(215) 861-7990
[email protected]
Media Contact
Lisa Gruner, Corporate Spending Innovations, 978-314-0753, [email protected]
SOURCE Corporate Spending Innovations
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