MoneyGram Acquires ACH Commerce

Friday 8 April 2005 10:21 CET | News

MoneyGram International, has reached an agreement to acquire ACH Commerce L.L.C., an ACH payment processor based in Tennessee.

The acquisition, which will be completed in the second quarter of 2005, will bring MoneyGram an ACH payment business that can serve as a platform for expanding MoneyGrams line of payment services. ACH Commerce was founded in 2000 in the community of Ooltewah, Tenn. The company today provides a variety of automated clearing house (ACH) services to merchants, billers and the banking community. The company handles phone and Web-based transactions, high-speed check conversion with remittance processing, check re-presentment, direct debit, direct deposit, cash concentration, authentication and verification, data conversion and customer integration. Financial terms of the acquisition were not disclosed but ACH Commerce presently will remain in Tennessee. Hickok and her staff will become employees of MoneyGrams Global Funds Transfer Group, and provide a strategic addition to the companys current bill payment line-up, which now includes urgent bill payment via MoneyGrams ExpressPayment service and a walk-in utility bill payment service. With the addition of ACH Commerces services, MoneyGram will provide both consumers and billers with a full spectrum of payment choices, which will complete the bill payment cycle from payment origination to reporting and reconciliation. These services initially will focus on one-time ACH, recurring ACH, and credit and debit card transactions via the phone and expand to additional payment channels in coming months.

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Categories: Payments & Commerce | Payments General
Countries: World
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