Brussels-based Clear2Pay is to acquire neighbouring banking software house EFT for an undisclosed sum.
The EFT product portfolio covers chargeback functionality for debit and credit card management and the Net-Bank electronic banking platforms. Key accounts and implementations include: Fortis Bank, ING, ABN Amro, and Banksys in Belgium, Abbey National of the UK, Svenska Handelsbanken in Sweden, Denmark's Card Process, Polcard and PKO Bank Polski in Poland, Italy's SSB and Interpay of the Netherlands.
With an 18-year track record in financial sector software, the company employs 60 full-time technology staff from its headquarters in Brussels and agency outpost in Warsaw.
Michel Akkermans, chairman and CEO of Clear2Pay, says EFT’s products complement the Clear2Pay next generation payment processing platform in niche areas.
"This acquisition makes sense in view of our core strategy, which is building a strong technology firm for financial institutions and corporates with niche experts with mileage in the banking and payments arena," he says. "Whether working directly for and with clients or with technology partners, our expertise in the niche areas is what makes us stand out and this is something we will continue to build on."
The new acquisition will operate under the Clear2Pay brand umbrella as Clear2Pay Belgium.