Union First Market Bankshares has made an equity investment in The Payments Company, which offers a software-based business payments service.

The Payments Company enables business payments to vendors that accept ACH and cards — and targets business clients in the healthcare, manufacturing, media, public sector, education, retail and financial verticals.

The company is one of a number of players that are attempting to extend payments automation to business payments, where traditional check-based transactions still dominate.

"Union's investment will enable us to expand our national footprint," says Steve Winston, founder and CEO of The Payments Company, in a Jan. 6 press release, adding his company currently has clients in seven states and plans to serve the entire country.

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