Elavon has acquired Virginia-based financial technology firm Electronic Transaction Systems (ETS) for an undisclosed sum.
Elavon is a global merchant payment processing provider and subsidiary of Minneapolis-based U.S. Bancorp.
ETS provides merchant services to clients in 23 countries across the globes. The company has satellite ofﬁces in Germany, Canada, and Ireland.
ETS, which supports all forms of electronic processing, is a registered member service provider with MasterCard International and Visa International.
The firm has developed a host of products and customizable solutions, which streamline operations, eliminate multiple vendors and enhance security.
ETS provides exclusive products and services, as well as custom solutions for any environment such as retail, restaurant, back-office, hotel and e-commerce.
The company’s services include credit and debit card processing, POS check, electronic funds transfer (EFT), ATM driving and mobile payments.
ETS offers EMoney PCI compliant transaction platform, which serves all market segments through one host-based system.
It is a complete solution for all merchants looking for the convenience of processing credit and debit card transactions through their system in a stand-alone or integrated environment.
The acquired business will enable Elavon to incorporate payment processing into ETS’ software and offer businesses secure and easy way to access its services.
EFT provides membership billing, private label cards and loyalty solutions, as well as mobile wallet, customizable point-of-sale and business management solutions.
Elavon CEO Jamie Walker said: “ETS has an innovative approach to merchant payments that fits well within Elavon’s strategy to provide businesses the ability to safely and quickly integrate into our system.
ETS CEO Ed Vaughan said: “We have worked with U.S. Bank for the 20 years that we’ve been growing our company. There was simply no better choice than U.S. Bank, who knows us and shares our vision for the future.”
The U.S. Bancorp, which is the parent company of U.S. Bank, has 74,000 employees and $461bn in assets, as of 30 June.
The U.S. Bank serves business, wealth management, payment, commercial and corporate, and investment services customers across the country.