New York-based digital payments platform Urban FT has closed the acquisition of iParse, an Oregon-based mobile banking technology provider, for an undisclosed sum.

iParse, which holds several mobile banking-related patents, will now work as a separate division  of Urban FT.

Existing staff of iParse, with the exception of its founders who will retire, will join the combined group as part of the deal.

Urban FT CEO Richard Steggall said: “The iParse tech strategically complements Urban FT’s suite of white-label mobile banking solutions by providing a proprietary way to bypass core processor integration, while delivering a robust mobile banking service for financial institutions to offer to their customers.

“We’re calling this newest Urban FT deployment option our ‘mobile banking plug-in’ solution, and it’s a game changer because now credit unions and banks of any size can play—and play competitively—in the mobile banking space.”

Urban FT president Kasey Kaplan said the iParse solution simulates integration by helping financial services providers plug into the core instead of carrying out core processor integration that can prove to be too costly and risky.

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“By partnering with Urban FT, processors can monetize what’s been unmonetizable until now and give their smaller clients an important new service opportunity—at a reasonable cost and without significant operational impact,” Steggall noted.

Urban FT plans to deploy the mobile plug-in option in a couple of months. It also expects to increase its client base to more than 150 from 75 within the next 12 months.