BOSTON, April 5, 2022 (Newswire.com) - American Banknote Corporation (ABCorp) and Plastic Bank announced today an exclusive global partnership to produce Plastic Net-Zero cards for the payment, identification, and access sectors.
Each card issued under the program links to an equal amount of plastic collected in ethical recycling ecosystems within 50 kilometers of oceans and waterways in Africa, Latin America and South East Asia to stop ocean-bound plastic directly at the source. Plastic Bank utilizes blockchain technology to secure the transaction and allow for transparency and traceability. Importantly, the collaboration between ABCorp and Plastic Bank will promote financial inclusion in vulnerable coastal communities.
"ABCorp has long been an advocate for the use of environmentally conscious materials, such as recycled plastic and paper, but supply chain challenges have complicated these initiatives for many card issuers and financial inclusion was an equally important consideration," said Mary Kelly, VP of Corporate Outreach for ABCorp.
Collectors exchange plastic waste at local Plastic Bank branches for bonuses that help provide basic family necessities such as groceries, cooking fuel, school tuition, health insurance, digital connectivity, clean drinking water and more. By offering safe, secure, and traceable sources of income, Plastic Bank empowers vulnerable communities with a path out of poverty.
"ABCorp has a history dating back more than 225 years. Many of our relationships date back decades, if not centuries, and we do not impulsively enter into strategic partnerships," said William Brown, Chairman & CEO for ABCorp. "We believe Plastic Bank's innovative Social PlasticTM ecosystem is the perfect complement to ABCorp's environmental efforts and commitment to financial inclusion."
The initial phase of the program will prevent more than 12 million plastic bottles from entering the ocean. By collecting, recycling, and reprocessing ocean-bound plastic waste, and supporting collector communities along the way, ABCorp is helping card issuers create lasting environmental, social, and economic impact.
"It's important for anyone to understand that every time they make a purchase, they are voting for that product. When you purchase a product that helps our planet, that repairs the damage that has been done to our ocean and lifts people out of poverty, you are voting for tangible change. Be mindful of what you vote for," said David Katz, Founder and CEO of Plastic Bank. "Our collaboration with ABCorp allows their customers and their end consumers to cast a vote for regeneration at every step along their journey."
ABCorp's history dates back to 1795 as a provider of Essential Critical goods and services for payment, credentials, and secure access. Our customers span 120+ countries and include federal, state, and local government agencies and companies across the commercial, financial, and healthcare sectors. ABCorp's products range from secure packaging to 3D printing of highly detailed prototypes and parts, including orthotics and prosthetic limbs, and even the design, manufacture, and personalization of contactless credit and debit cards. Civic duty, empowering women & minorities, and financial inclusion are what drive us. Learn more at www.ABCorp.com.
About Plastic Bank
PlasticBank® empowers the regenerative society. The social enterprise helps the world stop ocean plastic while improving the lives of collector communities. Plastic Bank builds ethical recycling ecosystems in coastal communities and reprocesses the materials for reintroduction into the global manufacturing supply chain. Collectors receive bonuses for the materials they collect, which helps them provide basic family necessities such as groceries, cooking fuel, school tuition, and health insurance. Plastic Bank's Alchemy™ blockchain platform secures the entire transaction and provides real-time data visualization - allowing for transparency, traceability, and rapid scalability. The collected material is reborn as Social Plastic™, which can be easily reintegrated into products and packaging as part of a closed-loop supply chain. Learn more at www.plasticbank.com.