US Bank acquires payments firm FSV

Acquires FSV Payment Systems

US Bank is acquiring prepaid card processing company FSV Payment Systems (view press release).  US Bank hopes that the acquisition will see the combined entity capable of providing efficient end-to-end prepaid programs and services for its clients. The programs and services that FSV clients currently use will continue uninterrupted through the transition.

“We believe FSV’s strong leadership team, experienced staff, and integrated platform will complement our existing payments services,” said Kevin Morrison, senior vice president of U.S. Bank Retail Payment Solutions. “Combining U.S. Bank’s strength in payments with FSV’s scalable platform will accommodate our current volume as well as our future growth in the prepaid arena.”

The acquisition is expected to close in December, pending regulatory approval, and upon completion FSV will operate under U.S. Bank’s Elan Financial Services brand. Details regarding the financial terms of the deal were not disclosed. 

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