Payments services and financial technology firm VeriCheck (VCI) has acquired Automated Clearing House (ACH) payment services provider Applied Payments, which does business as ACHWorks.
The deal, whose financial terms were not disclosed, will enhance VCI’s offerings and its US-based customer service team.
ACHWorks’s payment technology facilitates the processing of commercial transactions via the ACH Network.
The firm allows businesses to access its network through an interface and integration to existing accounting platforms, or by means of streamlined stand-alone systems.
VCI said that it will integrate ACHWorks’ team and technologies to offer a range of payment services and fintech solutions to its clients.
Commenting on the deal, VCI CEO Don Singer said: “The acquisition of ACHWorks will deliver important benefits to our combined clients through our broader product mix, expanded technology solutions and increased operating leverage.”
VCI said it will integrate ACHWorks’ employees to its existing team without relocating them.
The company, which has its regional headquarters in Atlanta and Los Angeles, currently operates both on-site and remote teams across the US.
ACHWorks president Ryan McCurry added: “In VCI, we have found a partner with complementary business lines that also shares our commitment to advanced technology and outstanding customer service.
“This combination creates opportunities for our employees and expands the resources available to our customers, and I could not be more proud of our team that got us to this point.”
VCI has been developing its Microsoft Azure cloud-based ACH payment processing platform VEER. This platform will replace the company’s current ACH processing solution with customisable APIs, a free online platform and off-the-shelf solutions.