November 1, 2016
Elan Financial Services, a payment services provider, and Capital Bank Financial Corp. (NASDAQ: CBF), a leading southeastern regional bank, have signed an agreement that will provide Capital Bank business and consumer customers with Elan’s suite of credit card products and services. As part of the multi-year agreement, Elan will provide credit card products that Capital Bank will brand as its own, including cards that offer a variety of cash, travel and merchandise reward options.
“This partnership with Elan will allow us to offer exciting credit card solutions and other services that best meet the unique needs of our customers,” said Zahid Afzal, Chief Technology and Operations Executive of Capital Bank. “Elan, whose expertise is in the continually evolving payments industry, will manage all the back-end processes. That will allow Capital Bank to continue to focus on providing our customers with the best products and services.”
“The increasingly competitive nature of the credit card business has motivated a growing number of financial institutions to seek out a partner like Elan,” said Matthew Carpenter, Senior Vice President for Elan credit cards. “Our end-to-end solution, which includes card servicing, marketing and branch support, helps financial institutions focus on their customers.”
For corporate customers, Capital Bank will offer Elan’s One Card, which enables organizations to merge purchasing, travel and fleet card programs into a single streamlined payment solution, leading to reduced costs and increased efficiencies. With One Card, employees can pay for airfare, supplies, fuel and anything else they are authorized to purchase with a single card. One Card is ideal for organizations that process multiple expense categories within a single department.
The new credit card products will be available to Capital Bank customers in the fourth quarter of 2016.
"When your member’s phone is on and they’ve opted-in for geolocation, Elan can validate that the expense is legitimate and avoid member frustration."
About Capital Bank
Capital Bank Financial Corp. (formerly North American Financial Holdings, Inc.), is a regional bank holding company incorporated in the state of Delaware in 2009. With $9 billion in assets and nearly 200 branches located across North Carolina, South Carolina, Tennessee and Florida, Capital Bank provides consumer, small business, commercial loans and deposit products, wealth management, trust and other services. Learn more at www.capitalbank-us.com.