North American Banking Company, United Bankers’ Bank and Design Center Inc. Announce Plans to Launch a Peer‐to‐Peer Payment App for Community Banks
Featuring secure ACH payment processing, the white label app makes it easy for community banks to cost‐effectively build their individual brands while offering customers the ability to instantly send money to family, friends and coworkers
Roseville, Minn., February 14, 2019—North American Banking Company, a locally owned and operated community bank in the Twin Cities, announced today that it has received approval from the Federal Reserve System to partner with United Bankers’ Bank (UBB) and Design Center Inc. to form ExcheQ LLC.
The joint venture will offer a white label version of North American Banking Company’s ExcheQ peer‐to-peer (P2P) payment app to the more than 2,000 community banks in UBB’s service territory, which extends from the Great Lakes to the Pacific Northwest.
“ExcheQ will use same‐day ACH payment‐processing, enabling community bank customers to quickly and securely send money to family, friends and coworkers,” says Michael Bilski, North American Banking Company CEO and former member of the Federal Reserve’s Faster Payments Task Force charged with identifying and assessing alternative approaches for implementing safe, faster payment capabilities by 2020.
“UBB has been working with North American Banking Company and Design Center Inc. for the past several years to develop this product at a reasonable price to provide community banks a secure and affordable alternative to the larger P2P service providers,” says William Rosacker, president and CEO, UBB. “UBB’s mission is to provide community banks with the resources and solutions they need to remain competitive in the markets they serve, and the addition of ExcheQ will be a great complement to our mix of products and services, one that will ultimately assist community banks in leveling the playing field with larger institutions.”
Banks choosing to offer the ExcheQ app will receive access to professionally designed and customizable marketing materials along with live, personal, technical support.
To learn more, visit ExcheQ.com or stop by Booth 124 at the Independent Community Bankers of America (ICBA) national convention, ICBA Live, in Nashville, March 18‐22, 2019 to demo the product and for a chance to win up to $100...delivered instantly via the ExcheQ app.
About North American Banking Company
Headquartered in Roseville, Minnesota, North American Banking Company is a locally owned and operated community bank with over $500 million in assets and five Twin Cities locations. It is among the top 50 ACH originators in the country.
About United Bankers’ Bank
United Bankers’ Bank headquartered in Bloomington, Minnesota, is a full‐service bankers’ bank, providing correspondent banking services to community banks from the Great Lakes to the Pacific Northwest.
About Design Center Inc.
Founded in 1969, Design Center Inc. is a software development company that turns strategic insights into reality through app development, custom software and more. The company serves organizations across the country from its headquarters in St. Paul, Minnesota.