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A Strong bank offering prepaid
SB’s banking strength metrics and ownership structure are strong and show partners and prospects a long term viability and dedication to prepaid. Also, one of largest 2 banks in prepaid currently can’t accept new business, giving SB a critical opportunity now.
Prepaid Issuer since 2002
SB began issuing national prepaid programs with the launch of the Amway eCelerate program in 2002. Sutton was one of the first issuers on the Metavante prepaid processing platform (now FIS North).
Marqeta provides some configurability and capabilities that make SB able to deliver on programs that those with other processors cannot
Nimble and perceived as responsive
No silos to cross, no long process to gather key decision makers and address challenges or act on opportunities. Huge differentiator vs other banks. Clients perceive SB as responsive, a key differentiator. These attributes could fuel new business as top choice vs. rivals
Board is supportive of Prepaid
Having the Board see Prepaid as strategic, and wanting to invest and support is a big advantage over some of the large banks where Prepaid isn’t big enough to move the needle, or those where the Board doesn’t see prepaid as strategic.
Scale programs via processors and partners
Despite a thin staff, SB can scale to deliver to larger clients by leveraging existing partners.