BankServ has signed an agreement to acquire substantially all of the assets of NetDeposit, a wholly owned subsidiary of Zions Bancorporation, to expand its presence in payments processing space.
The assets include the flagship products and services of NetDeposit, as well as all related customer contracts and agreements.
The acquisition is expected to more than double the BankServ’s end user client base.
BankServ will be able to serve more than 100,000 business locations and more than 500 financial institutions with products in Internet payments, Fedwire, SWIFT, mobile credit card payments, image cash letter processing, and all forms of check image capture.
BankServ president and CEO David Kvederis said this is an important milestone for the industry, and an opportunity to deliver even more world-class services with better cost dynamics.
“With consolidation comes the ability to compete more effectively, with a broader solution offering and expanded distribution channels,” Kvederis said.
During a transition period expected to last into early 2011, the BankServ and NetDeposit brands will operate in parallel.
BankServ and NetDeposit provide remote deposit capture and electronic payment technologies to financial institutions and businesses.