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TranzactCard clarifies Bangor Financial institution is a “sponsor financial institution”

On Wednesday December thirteenth, TranzactCard introduced Maine headquartered Bangor Financial institution as its “new banking accomplice”.

On Friday December fifteenth, Bangor Financial institution confirmed that they had no partnership with TranzactCard.

On Saturday December sixteenth, TranzactCard held an unscheduled “all hands-on-deck TranzactCard discipline replace.”

In the course of the name, new COO Ken Doherty confirmed Bangor Financial institution was not TranzactCard’s “banking accomplice”.

Doherty as an alternative claimed Bangor Financial institution is TranzactCard’s “sponsor financial institution”.

What’s the distinction between a “accomplice financial institution” and a “sponsor financial institution”?

No thought.

As an alternative of calling Bangor Financial institution to resolve misinformation popping out of TranzactCard company, Doherty pleaded with associates to “not name our Sponsor Financial institution to offer you particulars”.

Search clarification by higher management or your company help electronic mail. Help employees is standing by to help.

Seeing as TranzactCard themselves revealed Bangor Financial institution as a “accomplice financial institution”, I’m unsure how strong that recommendation is.

TranzactCard co-owner Peter Rancie (proper), went on to make clear that

Any handed terminology can be corrected on the company finish. The right terminology is Program Sponsor.

I assume we’ll discover out this coming week whether or not Bangor Financial institution is in truth TranzactCard’s “sponsor financial institution”, no matter which means.

One thing else sudden on the decision was the departure of newly appointed govt Invoice Andreoli and his “govt staff”.

A heartfelt tribute and finest needs to our New Hampshire crew, we thanks and want you the most effective in your latest endeavours.

@Invoice Andreoli @Mike Randolph @Petti Gardner and staff

Having simply left Kannaway after a 12 months as President, Andreoli and his staff are believed to have been behind an introduced partnership between Kannaway and TranzactCard.

That partnership was then walked again underneath murky circumstances in October.

Whereas no less than publicly acknowledging he’d left, Tranzact Company didn’t present any reasoning for Andreoli’s abrupt and sudden departure.

Whereas executives do come and go, Andreoli leaving after being appointed in August (while nonetheless working as a Kannaway govt), mixed with the TranzactCard’s ongoing banking accomplice debacle is… unusual.

The opposite announcement on the decision pertains to Z-Membership.

In subsequent couple weeks Zclub will relaunch with a extra sturdy model.

Our personal product line, on a regular basis objects, bundling and model objects that present NEEDED and NECESSARY worth.

Z-Membership isn’t relaunching until after Christmas, the busiest purchasing season of the 12 months. Little bit of a missed alternative there.



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