National Processing Co., an affiliate of National City Corp. of Cleveland, said it has agreed to sell its check processing unit to a newly formed company, International Payment Services, for $38 million.

The sale of NPC Check Services Inc., which specializes in point of sale check verification and clearing, is one in a series of divestitures of noncore activities. In February, NPC sold freight services and corporate payables units. Last month, National City sold Stored Value Systems, a former NPC business unit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.