The Bancorp Bank, a wholly owned subsidiary of The Bancorp, Inc. (NASDAQ: TBBK), has announced a collaboration with Cachet Banq, Inc., a national financial services company located in Southern California. The Bancorp Bank serves as an ACH sponsor bank for payroll-related transactions for Cachet Banq, Inc.’s clients.
“We are very excited about Cachet's alliance with The Bancorp Bank,” said Micheline Chabana, Senior Vice President of Sales and Marketing for Cachet Banq, Inc. “This collaboration provides our company and our clients additional assurance for payroll funding transactions. Our banking relationship expands Cachet’s Drawdown FedWire ® capabilities and demonstrates our commitment to providing the best value and services to our clients now, and well into the future.”
“We are proud to be working with a reputable industry leader such as Cachet,” said Frank Mastrangelo, President, The Bancorp Bank. “Our shared commitment to innovation and specialized customer service is proving to be a wonderful synergy in the payroll space.”
About Cachet BanqCachet Banq, Inc. ( www.cachetbanq.com) is a national financial services company and offers a variety of services to corporate clients and the payroll service industry, including ACH Processing, Payroll Tax Processing, Drawdown FedWire ®, and Settlement Account Services. Among other ancillary products and services, Cachet offers Corporate Financing options exclusively to payroll providers. As an experienced leader in the payroll service industry, the Cachet family of companies provides payroll-related services to approximately 65,000 employers nationwide and processes more than $68 billion annually. About The Bancorp, Inc. The Bancorp, Inc. ( www.thebancorp.com) is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank. The Bancorp Bank delivers a full array of financial services and products, both directly and through private-label affinity partner programs nationwide. Its payments offering includes card issuing, card acquiring, ACH sponsorship, wire transfer services and customized deposit account structures. The Bancorp Bank maintains membership with numerous payments networks, including Visa ®, MasterCard ®, Star ®, NYCE ®, PULSE ® and Discover ®.