XTM Signs Deal with the Bancorp Bank to Deploy Its Services in the US

The Bancorp Bank will act as an issuing bank for back-end banking services and card issuing sponsorship.

XTM, Inc., a Miami and Toronto-based Fintech company in the neo-banking space, announced on Tuesday that it had partnered with Bancorp and its subsidiary, The Bancorp Bank. According to the press release, the deal seeks to use Bancorp Bank as XTM’s subsidiary bank for back-end banking services, card issuing sponsorship as an employee payout solution, and a banking app for hospitality and personal care services sectors.

That said, XTM will extend the launch of its Canadian Today Program for the US market in Q4 this year, the press release noted. “When assessing banking partners, Bancorp was a clear choice. Our mobile banking solutions require innovative, responsive and cutting-edge banking support, and Bancorp is the leader by far,” Marilyn Schaffer, CEO of XTM, highlighted.

Among the features of the Canadian Today Program include the issuance of both virtual and physical Visa debit cards, and the offering of banking services like ACH, direct deposit, instant bank transfers, mobile check deposits, cash deposits, surcharge-free ATM, cashback rewards and more to come, XTM said.

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“Bancorp is excited to begin our partnership with XTM. Their innovation and focus in supporting alternative payment options for service and hospitality workers are unique and timely. They have proven themselves a contender, and we look forward to supporting their next stage of growth,” Matt Carberry, Managing Director, Head of Partner Strategy at Bancorp, commented on the matter.

Crypto Card For Canada

This year, Crypto.com, a cryptocurrency exchange and app, announced that citizens from Canada could apply for their visa cards as the company planned to ship cards to Canada. Crypto.com launched visa cards across different locations worldwide in recent years, and the exchange aims to take advantage of the rapidly growing Canadian market with the latest initiative. The card has no annual or monthly fee, and users can withdraw from ATMs without any charges. Additionally, the company outlined that the card is free from foreign transaction charges.

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