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International Clearinghouse, Inc. and MetaBank have agreed to a five-year extension of their current agreements with Source, Inc. to offer innovative solutions in the consumer loyalty space.
XXXXXXX, CA., June XX, 2020 /PRNewswire/ -- International Clearinghouse, Inc. (“ICH”) a subsidiary of Source Clearinghouse, Inc. d/b/a Source, Inc. (“Source”) announced that MetaBank®, National Association (“MetaBank” or “Meta”), a wholly-owned subsidiary of Meta Financial Group, Inc.® (NASDAQ: CASH) and a leader in delivering innovative payment, financing and banking solutions to partners throughout the country, has agreed to extend its relationship with Source for an additional five years.
Meta and Source have had a contractual relationship over the past 10 years. ICH was formed in March 2019 as a loyalty solutions processor focused on the collection and processing of loyalty rewards (miles, points, tokens, etc.) from a wide variety of participating consumer loyalty programs.
This strategic loyalty provider agreement enables Source and Meta to collaborate with the objective to provide an eCommerce-based loyalty program to customers across Meta’s broad range of customers including taxpayers and prepaid cardholders. This loyalty marketing initiative has the capability to reach millions of cardholders, representing billions in market spending today. ICH will track and process the loyalty rewards applied to consumers purchase transactions.
“ICH has the ideal capabilities to act as a unifying hub and international processing center for a variety of loyalty reward programs,” said Jeremy Kuiper, MetaBank Senior Vice President and Head of META Ventures. “Collaborating with Source will enable us to attract and retain clients through our tax division with a customized loyalty program.”
Richard G. Stewart, Jr., CEO of Source and acting CEO of ICH, said, “Now is the perfect time to put our resources together to change the landscape of the loyalty industry, especially as it pertains to offering consumers more value at a time when the American consumer is very focused on maximizing the value of each dollar spent.”
About MetaBank, N.A.
MetaBank®, N.A., a federally chartered bank (“Meta”), is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH), a South Dakota-based financial holding company. Meta is a leader in providing innovative financial solutions to consumers and businesses in under-served niche markets and believes in financial inclusion for all. Meta’s commercial lending division works with high-value niche industries, rapid-growth companies and technology adopters to grow their businesses and build more profitable customer relationships nationwide. Meta is one of the largest issuers of prepaid cards in the U.S., having issued more than a billion cards in partnership with banks, program managers, payments providers and other businesses, and offers a total payments services solution that includes ACH origination, wire transfers, and more. For more information, visit the MetaBank website.
About International Clearinghouse, Inc.
International Clearinghouse, Inc. ("ICH") is a B2B loyalty solutions processor focused on the collection and processing of loyalty rewards (miles, points, tokens, etc.) from a wide variety of participating consumer loyalty programs.
About Source, Inc.
Source Clearinghouse, Inc. d/b/a Source, Inc. is a privately held fintech innovator and loyalty marketing firm with a mission to bring NexGen technologies and digital rewards to all consumers and to facilitate the transformation of commerce and investment into a “SAFE Economy”. S.A.F.E. is an acronym for “Secure Asset-backed Fractional Ecosystem”. Source aggregates and manages loyalty programs and provides digital reward incentives to consumers through a universal, cooperative commerce ecosystem and business model.