The American Bankers Association this week ran an ad in Politico magazine—a widely read publication among policymakers in Washington, D.C.—highlighting its effort to promote financial inclusion and encourage banks to offer low-cost, basic accounts that meet Bank On-certified standards.
ABA President and CEO Rob Nichols earlier this year called on banks to join in the effort to help reduce the number of unbanked Americans. Since then, thousands of bank decision-makers have visited the Bank On account certification site, and more than 60 submitted formal inquiries or free applications to have a financial product certified.
Additionally, at ABA’s urging, 20 core technology providers—including Fiserv, FIS, Jack Henry and Associates and Finastra—have committed to simplify the process for their bank clients to create and offer a Bank On-certified account.
