Agent Bank


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Agent Bank

1. See: Lead manager.

2. See: Agency bank.

3. A bank that issues a credit card on behalf of the primary issuer. The agent bank does not finance the credit card transactions. Most credit card issuers are in fact agent banks.
References in periodicals archive ?
Business Control Solutions will be on hand at NeMa to provide product demonstrations and their knowledgeable staff will be available to talk about how the software has helped reduce agent bank costs in a number of leading financial institutions through the centralisation of agent data and an increasing in process efficiency.
Societe Generale joins the growing list of top tier global agent banks that use the Reconciliation Service to view and reconcile loan positions and accruals.
Key's agent bank program gives us access to a large ATM network in many of the states where we have a strong presence.
Through Key's agent bank program, each institution gains access to Key's ATM network without the significant financial and labor investment required to build, operate and maintain their own individual ATM systems.
Through these agent bank relationships, each financial institution provides a cost-effective way to enhance customer service, allowing customers and members to perform transactions using Key's network of 534 ATMs in Ohio, Indiana and Michigan.
DTCC introduced its Reconciliation Services in 2008, which enabled agent banks and lenders to view and reconcile loans at all levels, from commitment and transaction level down to the individual contracts and fees, with all of the relevant transaction detail.
Partnering with an agent bank provider allows credit unions to instantly offer increased, fee-free access to members' accounts without having to create an ATM system from scratch.
DTCC introduced its earlier Reconciliation Service in 2008, which enabled agent banks and lenders to view and reconcile loans at a total commitment balance level; Contract Reconciliation followed in 2009.
As word about the advantages of agent bank relationships with Key continues to spread across the country, we are gratified that so many additional financial institutions in New York State have decided to partner with Key to raise their levels of customer service," said Cynthia Layne, regional sales manager for Consumer Payment Sales.
The MCPS Agent Bank Program delivers premium payment processing products and services behind the scenes enabling financial institutions to focus on their core business banking relationships.
Under Key's agent bank program, financial services companies provide their customers and members surcharge-free or surcharge-reduced access to Key's agent bank automated teller machine (ATM) network of 2,200 ATMs in 15 states.