First Data has acquired Paymap, a San Francisco-based financial services company offering proprietary electronic mortgage payment services to financial institutions. Financial terms of the deal were not disclosed.
Paymap will become part of First Data's Western Union Financial Services subsidiary, extending its current portfolio of payment services into previously unserved markets. The company will continue to operate under the Paymap name and under the direction of its current management team.
Formed in 1993 with an investor group led by Montreux Equity Partners, Paymap offers a range of electronic payment services, primarily for the mortgage industry.
Specifically, Paymap's Equity Accelerator service enables consumers to establish a customised electronic mortgage payment programme to achieve early payoff, while its Just In Time EFT service provides an electronic solution to last minute mortgage payments, eliminating the need for traditional, paper-based methods of payment.
Western Union says it will expand the company's services beyond mortgages and into new segments of the payments market.