Chesapeake Bank, part of Chesapeake Financial Shares Inc. (OTCQX:CPKF), has announced the release of a new product — the Digital Debit Card.
The company said the Digital Debit Card allows consumers to create virtual cards within online and mobile banking for use in online purchases and can be loaded into their mobile wallet. The Digital Debit Card is not an off-the-shelf product; rather, it is the culmination of development work between Chesapeake Bank with Trabian, Q2, and Jack Henry, it added.
"This product launch demonstrates our ability to innovate and offer unique solutions to meet our customers' needs," Chesapeake Bank chief innovation strategy officer D.J. Seeterlin said in a statement. "We could not have done this without the flexible technology stack and relationships with our partners at Trabian, Q2 and Jack Henry."
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"Investments in our technology and our team have enabled us to be nimble and build new products from idea to launch in a matter of months," Seeterlin continued. "By leading the innovation in this payment space, through an agreement with Trabian, this technology can now be implemented for other banks as well.”
The company said software development firm Trabian was instrumental in the partnership, as it was able to create an application to connect Chesapeake Bank's online customer-facing application and website-based interfaces.
"We at Trabian are thrilled to be a part of the launch of the Digital Debit Card, the result of our successful partnership with Chesapeake Bank," Trabian CEO Matt Dean added. "Using the robust Q2 SDK, we were able to seamlessly integrate multiple systems and deliver a solution that can help other community banks gain wallet share in a highly competitive marketplace for deposits.”
Additionally, Q2, which provides the app environment for Chesapeake Bank customers, also played a role in the development of the Digital Debit Card, Chesapeake Bank said.
"We're excited to see Chesapeake Bank's Digital Debit Card come to life to serve its customers with quick access to digital debit cards," Q2 EVP of emerging businesses, corporate and business development Jonathan Price said. "For financial institutions, innovation has become table stakes when providing products to customers. The Q2 SDK and our Q2 Innovation Studio are helping financial institutions meet the evolving expectations of account holders by innovating faster and delivering differentiated offerings quickly.”
Chesapeake Bank said due to its collaboration with Jack Henry, whose software powers its internal systems, customers will be able to use the digital debit card seamlessly.
"We're happy to offer an accessible platform that regional and community financial institutions can build on to meet their needs," said Jack Henry chief digital and technology officer Ben Metz. "Our continued investment in an open architecture gives financial institutions the ability to innovate faster, compete successfully, and differentiate themselves from their competitors.”
Chesapeake Bank said more information on the Digital Debit Card product is available at www.chesbank.com/digitaldebitcard. It noted that Seeterlin is scheduled to appear at the ABA Conference for Community Bankers in Orlando on February 12-14, where he will discuss the Digital Debit Card and the collaboration which led to its creation as an example of banks' ability to innovate.
Founded in 1900, Chesapeake Bank is a lender to small businesses. Headquartered in Kilmarnock, Virginia, it operates 16 community banks in the Northern Neck, Middle Peninsula, Williamsburg and Richmond region.
Contact the author at stephen.gunnion@proactiveinvestors.com