Source: Nilson Report: Sutton Bankcard Issuing Services
State-chartered Sutton Bank, which operates eight branches in four counties in Ohio, has issued 11 million Visa, Mastercard, and Discover payment card accounts. More than 80% of those accounts are prepaid. Most are the reloadable type. Over the last seven years, Sutton has focused on providing corporate banking services to fintech companies as well as all payment card-related support, including regulatory compliance and governance issues, fraud management, settlement with card networks, BIN rental, and mobile wallet (Apple, Samsung Pay) sponsorship.
Sutton Bank initially provided services to customers of card account processor Marqeta, whose clients include Square. It has expanded its partnerships to processors i2c, Galileo, inComm, and FIS (North). Sutton Bank holds all funds tied to the prepaid cards marketed by program manager clients of those account processors. By the third quarter of this year, Sutton Bank will also be connected to First Data, CoreCard, and FIS (South). The bank looks for particular niches for prepaid cards. For instance, it likes the gaming, healthcare, payroll, and one-time-payment sectors.