North American Bancard has acquired Electronic Payment Exchange in a bid to strengthen its position in the payments space by better deploying and supporting payment solutions to merchants, sales partners, and financial institutions.
Electronic Payment Exchange (EPX) is a global, full-service credit card, debit card, stored value, and electronic check (ACH) payment transaction processor that operates its own fully integrated card authorization, clearing, and settlement platforms.
EPX’s processing expertise will help NAB fortify its platforms as they look to roll out new products and features. The additional vertical integration that comes with being an end-to-end processor will allow NAB to significantly reduce its operating costs, decrease its dependence on third party partners, and gain market share. By owning the process from origination all the way through settlement of interchange, NAB has more flexibility in tailoring solutions to customers’ needs.
Founded in 1979 and focused on the nation’s largest merchants, EPX has built a portfolio that exceeds $18 Billion in annual processing volume. By operating as a fully integrated payment facilitator, EPX differentiates itself in the marketplace by providing real time interchange optimization and state of the art secure transaction solutions. The combination of these two companies gives EPX the sales, marketing, and customer support engine that has powered North American Bancard into its market leading position and enables NAB to leverage EPX’s product and skill set to pursue new and more complex market segments.
“I see EPX as a hidden jewel. Aquiring the technology to bring processsing in-house is a significant opportunity for this organization. Not only is there potential for an eight figure annual cost savings but this move also brings us the ability to further expand EPX’s card acceptance platform in Latin America and Europe where they enjoy extensive processing relationships today,” said Marc Gardner, Founder, President, and CEO of NAB.
This move comes on the heels of NAB’s recent successful launch of PayAnywhere Storefront, the industry’s first cloud based tablet point of sale solution provided free to merchants with activation, as well as the asset acquisition of IP Commerce’s payment platform technology, now known as NAB Velocity, a feature rich platform of services that provides Independent Software Vendors (ISVs) and point of sale software companies a one stop integration point for all payment processing services.
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