The Bancorp Bank, a subsidiary of The Bancorp Inc., has announced that it will now provide sponsor bank services to Heartland Payment Systems Inc.
According to a news release, Bancorp will serve as a sponsor bank for Heartland for a minimum of five years and will participate as an ACH-originating institution for Heartland's card-processing business. Additionally, Bancorp and Heartland will pursue new opportunities together in areas such as payroll, campus, government, bill payment and healthcare.
"Our payments processing business model is to locate and accelerate innovators in the payment industry," said Terrence Crowley, senior vice president of The Bancorp Bank. "We seek out progressive firms with which we can deploy our respective payments capabilities and deliver value to our customers. Heartland fits our profile and, with its many business lines, represents multiple future opportunities."
