Credit information agency Experian has acquired Eiger Systems, a UK provider of bank account validation and payment processing software. Financial terms of the deal were not disclosed.
Experian says the acquisition further extends its services within the fast-growing payments arena.
Formed in 1997, Eiger Systems' software enables organisations to validate consumer and corporate bank sort code and account details, whether captured on paper, online or over the telephone, and ensures they are submitted securely to Bacs.
Experian says more than 1000 organisations use Eiger's technology and around one in three of all UK direct debits and direct credits are processed by the software.
The company says the technology will be packaged with its QuickAddress software to enable clients to simultaneously validate customers' name and address details and bank information. By doing this at the point of data capture clients will be able to reduce the margin of error when entering customers' details.
Harry Meikle, group managing director of QAS, says the acquisition "reinforces Experian's ability to provide clients in the UK and overseas with a suite of complementary data accuracy software products to ensure that the integrity of customer data – both personal and financial – is captured with greater precision".
He says the joint proposition will provide significant opportunities for future growth.
Callum Johnston, managing director of Eiger Systems, adds: "As an Experian company we can now leverage its considerable resources to take Eiger Systems’ business in Europe to the next level.
"Given the high growth expected in electronic payments throughout Europe, combined with the support and experience of QAS and Experian, Eiger Systems has a great opportunity to deliver first-class software solutions to major markets across multiple territories."