The Bancorp Bank Payment Solutions Group, a division of The Bancorp Bank, and ACE Commercial Risk Services, part of the insurer ACE Group, have partnered to launch a prepaid card specifically aimed at customers impacted by natural disasters.
This card is issued by The Bancorp Bank pursuant to license from MasterCard.?
The Declared Disaster Plan Claim Prepaid MasterCard is designed to offer immediate assistance to homeowners in acute need due to natural disasters.
According to Bancorp Bank, when homeowners purchase an ACE Commercial Risk Services’ Declared Disaster Protection policy, they will be issued a prepaid MasterCard.
In the event of a disaster, all a customer has to do is to report his or her claim, and ACE will instruct the bank to transfer appropriate claim funds to their MasterCard.
ACE Commercial Risk Services provides specialty insurance products and solutions to small businesses in North America.
ACE Commercial Risk Services senior vice president of Direct Markets Joyce Van Ravenswaay said this offering will enable ACE customers to immediately access their claim funds following very difficult circumstances after a natural disaster.