BankServ on Tuesday announced it has agreed to acquire NetDeposit, one of the leading providers of remote deposit capture services, from its owner, Zions Bancorp.
The deal creates a much larger player in the payments processing space, doubling BankServ’s client base at a time when demand from credit unions for NetDeposit’s remote deposit and mobile banking services is growing rapidly. The deal comes a little more than a month after NetDeposit signed with CU Business Group to provide remote deposit capture services to credit unions.
The combined company will serve 100,000 business locations and 500 financial institutions with product offerings that include Internet payments, Fedwire, SWIFT, mobile credit card payments, image cash letter processing, and all forms of check-image capture. The combined company, which will continue to be headquartered in San Francisco’s financial district, will process 80 million items every month.
Financial terms of the deal were not disclosed.
During a transition period expected to last into early 2011, the BankServ and NetDeposit brands will operate in parallel. NetDeposit will continue to maintain its home office in Salt Lake City, with its CEO Danne Buchanan continuing to oversee existing NetDeposit operations and assuming an expanded executive role in the new combined organization.