Discover has joined with Cadence Bank to create the new Cadence Bank Debit Card powered by Discover Debit. The new card will be issued to all of the bank’s debit cardholders during the second quarter of 2013.
Cadence recently completed a comprehensive evaluation of its debit options in response to the changing financial services landscape and determined an affiliation with Discover made the most strategic sense.
“Evolving consumer needs are redefining how clients utilize traditional payment options. By enhancing our signature debit program, we are making it easier for our cardholders to move, manage and spend their money,” said Debbie Innes, executive vice president of Retail Banking at Cadence. “The affiliation with Discover is an important step for Cadence that will help us deliver relevant solutions to clients in a highly competitive market. We will be focused on innovative product enhancements that keep pace with our clients’ needs.”
Discover Debit provides convenience and security, with broad national acceptance as well as leading fraud-prevention and data-security tools to help mitigate cardholders’ exposure to debit card fraud. Through the affiliation with Discover, Cadence receives a competitive interchange rate structure and the flexibility to customize the front of the card with a focus on the bank’s brand.“We are providing Cadence with an exceptional signature debit alternative to entrenched industry models,” said Dave Schneider, senior vice president of debit strategies for Discover, and president of PULSE, which manages Discover Debit for its parent company. “With Discover Debit, Cadence cardholders can expect nationwide merchant acceptance at more than 8.5 million locations as well as around-the-clock reliability from our network. The bank also benefits from Discover Debit’s superior value proposition for issuers, including highly competitive interchange revenue and lower network fees.”
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