Central Bank of Kansas City in Missouri has agreed to issue prepaid cards for Cachet Financial Solutions in Minneapolis.
The $153 million-asset Central Bank of Kansas City will issue and administer the cards through its Central Payments Division subsidiary in Dell Rapids, S.D., according to a Tuesday news release. Financial terms of the agreement were not disclosed.
The cards will be issued as part of Cachet's Select Mobile Money program, which provides general-purpose, reloadable prepaid debit cards to financial institutions and corporate clients. The network-branded card also includes mobile app.
"We sought out CBKC and Central Payments to avoid the risks and disruptions too-often associated with the mass-issuer model,"Jeffrey Mack, Cachet's president and chief executive, said in the release.