First Data to acquire FundsXpress

First Data to acquire FundsXpress

First Data is to acquire US online banking and bill payment company FundsXpress. Financial terms were not disclosed.

FundsXpress has more than 500 financial institution customers, consisting primarily of community financial institutions. The company's products include retail and commercial Internet banking, cash management, automated lending, and dynamic Web sites.

First Data - itself subject to a buy-out proposal from private equity firm Kohlberg, Kravis and Roberts - says the acquisition is complementary to its own US-based business and will result in a broad suite of products for secure electronic commerce and Internet Banking transactions.

Todd Strubbe, president of First Data Debit Services, says: "FundsXpress has demonstrated success in an extremely competitive market, and with their superior products as part of First Data’s portfolio, our clients will have the opportunity to maximise operating efficiencies and profitability across multiple distribution channels. This also presents a natural cross-sell opportunity for our large base of community financial institutions."

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