SOLE® Financial has partnered with Alliance Bank, an Indiana-based community bank, to offer the SOLE Visa® Payroll Card through the SOLE Financial Institution Program to Alliance Bank’s commercial client base.
Brick-and-mortar banks have seen an increased need to offer a paycard to their commercial clients who employ unbanked workers, but face an uphill compliance and logistical battle when it comes to offering the product in-house. SOLE solves this problem with the SOLE Financial Institution Program. By partnering with SOLE, banks and credit unions are able to offer the standard SOLE product to their commercial accounts who are asking for a paycard solution, without expending resources allocated to the traditional banking services in which they specialize.
Payroll cards are the one of the fastest-growing payment products according to Aite. Payroll cards give unbanked workers access to direct deposit as well as online banking, bill pay and debit transactions—without the risk of overdraft fees or minimum balance requirements posed by traditional checking accounts. Cardholders are able to use the paycard’s routing and account number to receive any direct deposits on the card, such as tax returns or paychecks from other jobs. Alliance Bank, which prides itself on being an early adopter of new technology, will have a number of clients open to this service who are currently issuing paper checks. Alliance is expected to save its clients significant revenue by transitioning those clients from paper checks to the SOLE Paycard.
From SOLE Financial Director of Financial Institutions, Erik Farleigh: “SOLE Financial is thrilled to partner with Alliance Bank—a forward thinking, customer-centric financial institution. Alliance Bank wanted a cost-effective solution that would allow every employee of their commercial customer base to participate in direct deposit. With our unique blend of cardholder education, ongoing client support, and creativity from a marketing standpoint, the SOLE paycard was the perfect fit. We’re proud to be aligned with an organization that has such similar corporate values: Customer intimacy, stewardship, technology and integrity.”
“We are very excited to add SOLE Visa® Payroll Card to our suite of electronic banking services,” stated Vice President/Electronic Banking Manager, Tanya Burton; “As an Agriculture/Commercial Community Bank, we recognize the advantages SOLE Paycard offers our community residents and businesses, which substantiate our brand.”
About Alliance Bank:
Alliance Bank is a seven-location Indiana community bank that has grown dramatically since its inception in 1930. Alliance prides itself on building strong, personal customer relationships. It is the mission of Alliance to provide every customer with solid financial solutions centered on their lives. Alliance is committed to its communities, its customers, its employees, and its shareholders. Alliance actively supports local businesses, charities and other organizations to keep its communities strong and vibrant.
Alliance is an early adopter of new technology, progressive, and forward thinking. Alliance strives to be experts in its markets and provide financial products and services that meet clients’ needs and expectations. Alliance customers can be sure that Alliance will always provide conservative, careful stewardship of their money, honest answers, and a sincere commitment to their financial success.