The Bancorp Inc. announced Wednesday that its Bancorp Bank unit will offer multicurrency products and services to its merchants and third-party servicers in the U.S. payments market through an agreement with Planet Payment Inc. of Long Beach, N.Y.
"The business arrangement with Planet Payment enhances one of our core missions of providing leading-edge payment solutions to the U.S. market," Frank M. Mastrangelo, the president of Bancorp Bank, said in a press release.
The $1.8 billion-asset Wilmington, Del., banking company said the multicurrency payment offerings would include multicurrency pricing so that merchants can price their products and services in foreign currency amounts on a Web site or in a catalog and accept payment in the currency the customer chooses. Other offerings are card-not-present payments and business management services, including Planet Payment's iPay payment gateway.
Bancorp, a business banking company in the Philadelphia-Wilmington area, also is an online commercial bank that offers a network of private-label, affinity partnerships nationwide.