One of the greatest advantages of the virtual payments movement is how AP solutions can empower small-to-midsized regional banks to offer a greater range of services to their clients – fueling their own revenue streams in turn.
How does this work? Well, in the context of the card business, these regional banks (or “Agent Banks”) typically license the credit card programs and technology of other “Primary Banks.” This enables the regional bank to offer the technology and products of the Primary Bank to its customers without a lengthy implementation process, and without large up-front fees.
Often, an Agent Bank is a smaller, regional bank with strong, local treasury relationships and a need for a commercial card solution. If you represent a bank like this, you're probably already fielding questions from your larger clients around card-based AP solutions; or you might have seen competition encroach on your treasury relationships because you lack a viable AP product.