Check image specialist CheckAlt has acquired receivables transaction management provider Klik Technologies, a deal CheckAlt hopes will boost its profile as the financial services and corporate payments markets turn toward mobile-based technology to process checks.
The combined companies will offer processing, fraud mitigation and a set of electronic check capture and analysis tools—including check images captured by mobile devices. The merged technology solutions will cover check payments and transactions at bank branches, ATMs, websites and mobile apps.
CheckAlt has been expanding its ability to combine imaging with other payments technology, including via its 2014 acquisition of ERAS, a Check 21 technology company previously owned by Diebold; and an expansion into gift card processing the same year.
Previously, Klik was a Valley Cottage, N.Y.-based subsidiary of MUFG Union Bank through a network of 13 processing sites across the U.S. The Miami-based CheckAlt is a check imaging company that offers item processing, lockbox and remittance processing.
The combined company will have close to 500 clients in the financial services and corporate sectors. Financial terms of the deal were not disclosed. A primary focus will be check images captured on mobile devices, tapping a popular emerging market in financial technology, including new blockchain players like Fluent and more established companies like NCR.