The Austin community bank service provider BancVue said Tuesday it will offer electronic payment services from Total System Services Inc. to its financial company clients.
The agreement comes less than a week after BancVue purchased the credit card portfolio of the failed Silverton Bank from the Federal Deposit Insurance Corp., and underscores its plans to offer electronic payment services to community banks. "This partnership will go a long way toward supporting our mission of bringing innovative and market-ready products … that are competitive with the megabanks," Gabriel Krajicek, BancVue's chief executive of financial banking companies, said in a press release.
The portfolio BancVue purchased is made up of accounts from nearly 700 agent-bank relationships and will double BancVue's client base. BancVue did not give a price for the acquisition. Silverton, of Atlanta, failed in May 2009.