Payment processor PayFi has concluded the purchase of Payment Relationship Management (PRM), a professional services company that enables one to navigate the area of real-time payments.
PayFi’s open banking solution allows processors, banks, and fintech firms to conduct real-time fund transfer between bank accounts.
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According to PayFi, the latest deal will boost its ability to support banks with critical payment strategies while developing a real-time banking-as-a-service payment platform.
PayFi CEO Travis Dulaney said: “The acquisition of PRM furthers our commitment to Community and Regional banks and helping them get back to building relationships through conversational commerce by unifying messaging and payments.”
As part of the deal, PRM co-founders Peter Gordon and Mark Elliott have been retained.
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By GlobalDataGordon will now serve as chief revenue officer of PayFi while Elliott will become its chief product officer.
Both Gordon and Elliott previously served at Mastercard.
The pair also set up PayNet– the real-time payments network of FIS.
Gordon noted: “Having the opportunity to work with Travis and his entire team, melding our professional services and payment strategy consulting methodology with their SaaS payments platform, was a no-brainer to move the banking industry to relationship banking and conversational commerce through next generation of electronic payments.”
