When approaching a bank regarding a co-branded credit card for my
organization and its customers for a loyalty program, what's the sort
of homework I need to get done before I approach the bank and what
sort of benefit should I expect from this relationship, direct and
indirect.

Thank you.

/Lizardnation

Hi! Thanks for another question.

I have found the following links from VISA and Mastercard discussing
the necessary steps you must take before you meet with a bank and
launch a co-branded credit card program.

VISA Co-Branded Credit Card Program

Co-Branded Visa Program
http://usa.visa.com/business/merchants/cobrand_getting_started.html

Create You Card Section
http://usa.visa.com/business/merchants/cobrand_create_look.html

Visa Co-Brand Financial Institutions
http://usa.visa.com/business/merchants/cobrand_financial_institutions.html

Visa Financial Consultants
http://usa.visa.com/business/merchants/cobrand_financial_consultants.html


--------------
Mastercard Co-Branded Cards (pages 14 to 16 would be the ones most
relevant to you)
http://www.mastercardmerchant.com/docs/cobrand_guide.pdf

Mastercard Co-Brand Financial Institutions
http://www.mastercardmerchant.com/financial_institutions.html

Mastercard Consultants
http://www.mastercardmerchant.com/consultants.html

Search Strategy: 
co-branded Visa Mastercard Program
    
I hope these links would help you in your research once more. Before
rating this
answer, please ask for a clarification if you have a question or if  
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Easterangel-ga                       
Google Answers Researcher