July 31 2012
Expands Leadership Position in Receivables Management and Payment Processing
OMAHA, NE. – July 31, 2012 - Financial Transmission Network Inc. (“FTNI”), a provider of ETran, the industry leading receivables management solution, today announced the acquisition of RemitPro, Inc., a leader in remote deposit capture and identity validation services. The acquisition will expand FTNI’s reach into the securities industry, while providing RemitPro’s customers expanded processing capabilities such as ACH origination, credit card processing, invoice presentment and web payments. The combined companies will have over 7,500 end users processing through over 2,500 unique bank and credit card accounts.
FTNI’s ETran platform incorporates check scanning, ACH origination, credit card processing, cash posting and web payments, on a single, PCI-compliant managed platform (“cloud based”) to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s Administration Module and Proactive Payment Monitor allow its clients greater flexibility in customizing the solution for their industry while maintaining strong controls for risk monitoring.
Kurt Matis, President of FTNI, commented, "The founders of FTNI have over 125 combined years of experience building solutions for the securities industry, where RemitPro has built a first-class customer base. Therefore, a combination of these two companies was ideal. By integrating RemitPro’s web features into FTNI’s award-winning ETran platform, we can truly offer our customers one of the most advanced platforms in the industry. We are excited about this acquisition and look forward to continuing to offer our customers advanced processing solutions and a great customer experience.”
While RemitPro has focused mainly on the securities and banking sectors, where they have signed over 100 customers including Fortune 100 companies, FTNI has focused heavily on similarly well known names in the insurance, non-profit and property management industries. The acquisition of RemitPro positions FTNI as a full-service leader of receivables management and payment processing, with the proven ability to deliver a broad suite of payment offerings through a SaaS-based environment. RemitPro brings to FTNI a highly complementary set of products and success with a range of bank and securities institutions. Together, the combined companies will provide a rich set of capabilities across the broadest payment solutions to serve corporate banking, securities, insurance and non-profit businesses.
Financial Transmission Network, Inc.’s (FTNI) ETran platform incorporates remote deposit capture (check scanning), ACH, credit card and cash processing on a single, managed platform to help clients reduce costs, accelerate timelines and improve transaction processing quality. The Company’s software enables customers to setup recurring payments (ACH & credit card), message between users and provide custom integration into back offices systems, thereby reflecting the payment activity in the merchant’s A/R system. This technology offers merchants a turn-key, single-payment platform in a software-as-a-service (“SaaS”) environment that is fully PCI-compliant, thereby eliminating the hardware and software costs associated with traditional solutions. Due to its modular approach and easy deployment, the ETran platform can be deployed in a variety of verticals and customized easily to fit the end-users needs.
Since 2001, RemitPro has offered Check21 and ACH processing plus identity validation software solutions via secure web-based systems. RemitPro’s extensive experience in the financial services industry has helped them deliver tailored receivables management solutions for broker/dealers, clearing firms and banks.