US banking giant Citi has acquired Ecount, a Pennsylvania-based provider of pre-paid card products and services to corporates. Financial terms of the transaction were not disclosed.
Ecount was established in 1997 and provides stored-value card services to corporations. The firm has more than 1200 corporate clients across North America.
Citi says the Ecount products will be integrated into its global transaction services business, strengthening its cash management platform for corporations, financial institutions and governments.
The acquisition also enables the bank to expand further into the pre-paid card market, which is experiencing high growth as corporations and consumers move from paper cheques to electronic-based payment methods.
Ellen Alemany, CEO, global transaction services, Citi, says clients are constantly looking for better ways to make payments and want greater flexibility to deliver payments electronically.
"With Ecount's innovative and comprehensive pre-paid programs, we will be able to offer them the latest payment solutions," adds Alemany.