Bank Notes: Customers Bancorp's BankMobile teams up with T-Mobile; NCR buys JetPay
Tom Paine
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Customers Bancorp (Wyomissing) subsidiary BankMobile has been working since 2016 on a new product and technology partnership, a recent SEC filing indicated. The partnership is with T-Mobile. Customers Bancorp also said last week it had terminated its agreement to spin and merge BankMobile with Flagship Community Bank (FL).
Tha bank holding company said regulatory issues had made the Flagship transaction difficult to complete. It also said it planned to hold on to BankMobile for another two to three years.
No word yet on how T-Mobile will market BankMobile service.
Meanwhile, T-Mobile CEO John Legere found an opportunity to take a poke at Verizon, AT&T and Comcast:
UPDATE: Still no RSVP from @Verizon, @Comcast, @ATT or other carriers to our event that will show them how to step up their customer care game. Tried calling too, but got stuck talking with a robot!! 🤖
— John Legere (@JohnLegere) October 19, 2018
Guess I’ll have to resort to extreme measures to get their attention…
NCR said it will buy Allentown-based JetPay for $184 million .
JetPay's founder, Bipin Shah, was renown in the payments business as the architect of Philly-based CoreStates Bank's MAC system for ATMs. It seems, though, that JetPay never achieved the commercial adoption it sought, but NCR sees its technology as useful.
Atlanta-based NCR said it will add JetPay’s cloud-based payments technology into its checkout systems.
In late September, JetPay announced the appointment of investor Laurence L. Stone as chairman of the Company’s Board of Directors, replacing Shah, who had been chairman since JetPay's founding in 2010.
Georgia is the payments capital of the U.S., processing some 70 percent of all debit, credit and gift card transactions in the nation each year, the Atlanta Journal-Constitution cited the American Transaction Processors Coalition as saying. Georgia is also the chicken-farming capitol of the US.
