US Bank expands payments business with Genpass acquisition

US Bank expands payments business with Genpass acquisition

US Bancorp has acquired privately-held Genpass for an undisclosed sum. The transaction makes US Bank the nation's second-largest, third-party ATM processor, in addition to having the second-largest bank owned ATM network in the country.

Genpass, which operates the MoneyPass, MoneyMaker and MoneyBelt cash machine networks, provides ATM, electronic funds transfer and debit processing services to financial institutions.

US Bank says it will retain Genpass' processing centre in Irving, Texas, and transfer about 350 employees.

Pamela Joseph, vice chairman of US Bancorp, says: "The acquisition of Genpass affirms our commitment to grow all aspects of the payments business. US Bank brings scale, capital, expertise, and new products to the Genpass customer base."

US Bank subsidiary Elan Financial Services already supports 7700 ATMs, 15 million ATM/POS cards, and two million credit cardholders with a complete range of products and services including credit card issuing, ATM, debit card, and merchant processing.

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