International electronic commerce and payments company First Data Corporation has confirmed that it intends to acquire FundsXpress, a specialist in online banking and bill payment services for consumers and small businesses.
FundsXpress has over 500 financial institution customers, consisting primarily of community financial institutions, while First Data serves thousands of similar institutions.
The transaction is expected to produce a robust suite of products for secure electronic commerce and internet banking transactions.
Online banking and bill payment comprise a fast growing and strategically important market for financial institutions, said Todd Strubbe, president of First Data debit services. FundsXpress has demonstrated success in an extremely competitive market, and with their superior products as part of First Data’s portfolio, our clients will have the opportunity to maximize operating efficiencies and profitability across multiple distribution channels. This also presents a natural cross-sell opportunity for our large base of community financial institutions.
Terms of the deal remain undisclosed.