NEW YORK and DALLAS, Sept. 8, 2008 (GLOBE NEWSWIRE) -- Viewpointe(r), a leading provider of check image exchange and archive services, and PaymentsNation, a premier payments solution provider, jointly announced today that Viewpointe has agreed to purchase the assets of PaymentsNation. The announcement follows the successful vote by the overwhelming majority of PaymentsNations' members to approve the transaction.
Terms of the deal were not disclosed. Both organizations are working diligently to complete the conditions of closing in the near future. When closing conditions are met and the deal is completed, the company will become a wholly owned subsidiary of Viewpointe, LLC.
"The evolution of today's payments industry is the breaking down and consolidation of payments silos. We must flex the proverbial muscle of our resources to extend our reach across traditional boundaries, in order to provide the greatest value and most effective products. Viewpointe and PaymentsNation have enjoyed a long-standing relationship as partners in facilitating the transition from paper check to image within the payments industry," said Glenn Wheeler, chief executive officer of PaymentsNation. "We are excited to combine the strengths of our two organizations to enhance our overall product and service offerings."
The newly expanded organization would combine Viewpointe's success with check image clearing, exchange and archive services with PaymentsNation's experience in settlement and ACH. In addition, PaymentsNation is a voting member of NACHA - The Electronic Payments Association, and is one of twenty-one regional payments associations that provide comprehensive payments education and training.
Viewpointe CEO Lou Buglioli stated, "The transaction with PaymentsNation is a logical step for Viewpointe, enabling convergence of clearing and settlement functions that are essential to the payments process for institutions of all sizes. The complementary nature of the two organizations will further leverage the industry investment made in both companies."
PaymentsNation is a long-term strategic partner of Viewpointe. In February of this year, Viewpointe and PaymentsNation announced a new automated settlement service available to Viewpointe image exchange customers. Their strategic alignment, complementary expertise, industry influence and partnership history will facilitate the transition into a single organization.
The consolidated offerings will provide greater value and enhanced options available to institutions working with both organizations. The combined company will provide an amplified, national voice for the financial institutions it serves with regard to the rule-making processes for both check and ACH.
ABOUT VIEWPOINTE
Viewpointe(r) is a leading provider of check image exchange and archive services to financial institutions. Viewpointe operates the largest national archive of check images and information. It offers bank-to-bank image exchange through Pointe2Pointe(r) and is the only institution able to provide image exchange on demand through ImageShare. In 2006 and 2007, Viewpointe was one of the youngest companies named to the prestigious FinTech 100 surveys. Viewpointe clients include: BancorpSouth, Inc., Bank of America, BB&T, Bremer Financial Corporation, Colonial Bank, Compass, Fifth Third, First Horizon National Corp., Fiserv, Inc, Cullen/Frost Bankers, Inc., Harris Bank, HSBC Bank USA, J.P. Morgan Chase & Co., National City Corporation, SunTrust Bank, Synovus Financial Corp., U.S. Bancorp, Wells Fargo and Zions Bancorporation. Industry connections include Federal Reserve Financial Services and PaymentsNation via Endpoint Exchange. For more information about Viewpointe, please visit http://www.viewpointe.com.
The Viewpointe Archive Services LLC logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3076
ABOUT PAYMENTSNATION
PaymentsNation, formerly NCHA/PRO, is a premier payments solution provider. The organization serves as both clearing house and information provider, offering educational events, forums, seminars, tools and resources for every type of payments professional. PaymentsNation offers a wide range of products and services, including payment system education, auditing, check settlement, collection item exchange, transportation contract management, risk management, training, clearing house rules, association administration services and advocacy.
The PaymentsNation membership consists of approximately 800 financial institutions and holding companies that represent large, medium, and small banks, savings banks, credit unions, corporate credit unions, and banker's banks. Affiliate memberships are held by non-financial institutions. Visit PaymentsNation online at www.paymentsnation.com.
The PaymentsNation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5406