TORONTO: XTM Inc., a Miami and Toronto-based Fintech company in the neo-banking space, is partnering with The Bancorp Inc. (NASDAQ: TBBK) and its subsidiary The Bancorp Bank as its issuing bank for back-end banking services and card issuing sponsorship for XTM’s instant employee payout solution and banking app for the hospitality and personal care services sectors.
Through this partnership with The Bancorp, XTM will extend the successful launch of its Canadian Today Program with a tailored solution for the U.S. market in Q4 of this year.
Features of the product will include issuance of virtual and physical Visa debit, ACH, direct deposit, instant bank transfers, mobile check deposits, cash deposits, surcharge free ATM, cash back rewards and more.
“When assessing banking partners The Bancorp was a clear choice,” said Marilyn Schaffer, CEO. “Our mobile banking solutions require innovative, responsive and cutting-edge banking support and The Bancorp is the leader by far.”
The Bancorp provides tailored solutions through its Fintech Solutions division and has become the top issuer of prepaid card volume and accounts for over 300 billion combined annual payments processing volume and over 150 million active accounts in U.S. distribution.
“The Bancorp is excited to begin our partnership with XTM. Their innovation and focus in supporting alternative payment options for service and hospitality workers is unique and timely,” said Matt Carberry, Managing Director, Head of Partner Strategy, The Bancorp.
“They have proven themselves a contender and we look forward to supporting their next stage of growth.”
XTM Inc. is a Miami and Toronto-based fintech innovator in the neo-banking space, helping businesses and service workers in the hospitality and personal care space disseminate and access earned wages and gratuities.
XTM is a global card issuer and real-time payment specialist and our technology is used by Restaurants and Salons at no charge to automate and expedite worker payouts and eliminate cash from their ecosystems. www.xtminc.com