North American Bancard (NAB), a provider of merchant payment processing services, has acquired Electronic Payment Exchange (EPX).
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EPX is a full-service credit card, debit card, stored value, and electronic check (ACH) payment transaction processor. It operates its own fully integrated card authorization, clearing, and settlement platforms.
NAB said that EPX’s expertise in processing security will help NAB strengthen its platforms as they look to roll out new products and features.
The additional vertical integration that comes with being an end-to-end processor will allow NAB to reduce its operating costs, decrease its dependence on third party partners, and gain market share.
Marc Gardner, founder, president, and CEO of NAB, said: "I see EPX as a hidden jewel. Acquiring the technology to bring processing in-house is a significant opportunity for this organization.
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By GlobalData"Not only is there potential for an eight figure annual cost savings but this move also brings us the ability to further expand EPX’s card acceptance platform in Latin America and Europe where they enjoy extensive processing relationships today."
