Key Takeaways:
- Torpago launches Powered By, a private label credit card program, revolutionizing credit card offerings for community banks and credit unions.
- Powered By enables local financial institutions to establish fully branded corporate credit card products and accompanying spend management platforms.
- The program addresses the evolving needs of modern banks, providing a comprehensive solution without the need for costly infrastructure development.
- Torpago’s Powered By levels the playing field, empowering community banks and credit unions to offer cutting-edge solutions to businesses of all sizes.
Torpago, a leading provider of modern business credit cards and spend management platforms, has unveiled Powered By, a game-changing private label credit card program. This revolutionary offering enables community banks and credit unions to launch their own fully branded, end-to-end corporate credit card products and accompanying spend management platforms. Powered By is designed to empower local and regional financial institutions to better serve their existing customers and attract more sophisticated business clients.
Addressing the Disadvantages Faced by Community Banks and Credit Unions
Traditional third-party card programs have failed to evolve in tandem with the changing needs of modern banks and their corporate customers. As a result, community banks and credit unions often find themselves at a disadvantage compared to larger financial institutions. Recognizing this gap, Torpago’s Powered By program offers a complete solution for banks to upgrade their existing credit card offerings or launch new card programs, without the need for extensive internal infrastructure or significant upfront costs.
Brent Jackson, Founder and CEO of Torpago, emphasized the company’s customer-centric approach and the identification of significant challenges within the banking industry. He stated, “We’re constantly listening to our customers, and we quickly recognized that this was a massive need in the banking industry. Torpago’s core mission is to identify significant problems and provide intelligent solutions to solve them. Our platform was initially built to address the widespread lack of modern accounting and expense management solutions for medium and small businesses. Launching Powered By was the logical next step in our quest to deliver what our customers truly need.”
Empowering Community Banks and Credit Unions with Enhanced Capabilities
Powered By is specifically designed to address the pain points frequently experienced by local banks and credit unions when utilizing third-party card programs. The program offers comprehensive customer service support, modern platforms accompanying the card, and visibility into companies’ spending data. These features are tailored to enable banks and credit unions to continue serving their business customers effectively as their operations grow.
The program encompasses physical and virtual cards, as well as enterprise-level solutions such as a user-friendly app and web platform. These platforms offer built-in expense policies, multi-level approval workflows, a reimbursement module, bill payment capabilities, and integration with over 1,000 ERP, HR, and banking systems. Torpago’s Chief Technology Officer, Lei Wang, highlighted the company’s commitment to providing a complete solution for community banks and credit unions, enabling them to focus on building exceptional customer relationships. The Powered By program alleviates the burden of coding, infrastructure development, and continuous innovation, allowing financial institutions to differentiate themselves in the industry.
Leveling the Playing Field and Expanding Reach
Powered By aims to level the playing field in the banking industry by equipping community banks and credit unions with cutting-edge solutions that cater to businesses of all sizes. This offering enables financial institutions to serve small businesses, as well as enterprise-level companies, with equal efficiency and effectiveness. Furthermore, Torpago’s Powered By program reaches small businesses and banking customers in more traditional industries, often underserved by FinTech companies.
Torpago’s commitment to empowering businesses extends beyond credit cards and spend management platforms. The company’s comprehensive software solutions grant businesses greater control and visibility of their company spending. With integrated expense management, real-time transaction tracking, self-regulating spending policies, and automated accounting tools, Torpago ensures that businesses can focus on meaningful work while safeguarding their bottom line.
As Torpago continues to disrupt the traditional business credit card industry, their Powered By program is poised to revolutionize the credit card offerings of community banks and credit unions. By providing real-time expense tracking, smart accounting features, and seamless integration with other productivity tools, Torpago empowers financial institutions to deliver unparalleled value to their customers.
About Torpago: Torpago is a leading provider of business credit cards and spend management platforms, offering smart and simple solutions that grant businesses greater control and visibility over company spending. Torpago’s corporate cards and software provide integrated expense management, real-time transaction tracking, self-regulating spending policies, and automatic accounting tools. Since 2020, Torpago has been disrupting the traditional business credit card industry by offering real-time expense tracking and innovative accounting features. For more information, visit torpago.com.
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