Torpago Announces Private Label Credit Card Program for Community Banks and Credit Unions
Powered By allows local financial institutions to modernize and scale their credit card offerings for business clients
Torpago, a modern business credit card and spend management platform provider, today launched Powered By, a private label credit card program that will allow community banks and credit unions to launch their own fully branded, end-to-end corporate credit card product and accompanying spend management platform. The program is designed to help local and regional financial institutions better serve their existing customers and attract more sophisticated business clients.
Common third-party card programs have not evolved with the needs of modern banks and their corporate customers, leaving community banks and credit unions at a disadvantage compared to larger financial institutions. Torpago’s program offers a complete solution for banks to upgrade their existing credit card offerings or launch a new card program, without requiring the internal infrastructure or upfront cost of building a card from scratch.
“We’re constantly listening to our customers and quickly recognized that this was a massive need in the banking industry,” said Brent Jackson, Founder and CEO of Torpago. “The core of everything we do is identifying big problems and creating smart solutions to solve them. Torpago was initially built to address the widespread lack of modern accounting and expense management solutions for medium and small businesses. Launching Powered By was clearly the next evolution in doing what we do best.”
Powered By is designed to solve the pain points local banks and credit unions frequently have with current third-party cards by providing customer service support, modern platforms that accompany the card and visibility into the company’s spending data. It is tailored to help banks and credit unions continue to serve business customers as their operations grow.
The program includes physical and virtual cards, as well as enterprise-level solutions such as an app and web platform that offers built-in expense policies, multi-level approval workflows, a reimbursement module, bill pay and 1,000 + ERP, HR and banking system integrations.
“Torpago handles all the coding, infrastructure and continuous innovation behind the Powered By program, so community banks and credit unions can focus on what differentiates them in the industry – building great customer relationships.,” added Lei Wang, Chief Technology Officer at Torpago. “As businesses scale, their accounting needs grow, too. Our software is equipped to meet business needs at every size, with features like spend controls, accounting app integrations, and risk-management.”
Powered By aims to level the playing field in the banking industry by allowing community banks and credit unions to offer cutting-edge solutions to customers ranging from small businesses to enterprise-level companies. It also reaches small businesses and banking customers in more traditional industries that are often underserved by FinTech companies.
Torpago is a business credit card and spend management platform provider, empowering businesses with smart and simple solutions that grant more control and visibility of company spending. Our corporate cards and software offer integrated expense management, with real-time transaction tracking for greater visibility, self-regulating spending policies that safeguard the bottom line and automatic accounting tools to help employees focus on more meaningful work. Torpago’s credit card and software offerings have been disrupting the traditional business credit card industry since 2020 by offering real-time expense tracking and smart accounting features such as automated spending policies, automated reimbursement and compatibility with other productivity tools. For more information, visit torpago.com.
Read the official press release HERE.