The white-label banking platform provider Urban FT has purchased the mobile banking technology firm iParse and several of its patents.
New York-based Urban FT, which targets mostly smaller banks and credit unions, will adopt iParse plug-in technology that leverages a bank's existing application programming interfaces to add mobile banking and payments capabilities, which is a faster approach than Urban FT’s previous direct integrations, said Richard Steggall, Urban FT’s chief executive.
“About 40% of credit unions don’t have a mobile banking app, and with this combination we’re now able to expand the suite of service we provide, including mobile access, very quickly and conveniently,” Steggall said.
Urban FT’s platform combines online banking with social media engagement and “predictive commerce” tools that evolved from an earlier company Steggall launched called Waspit, which targeted college students.
Financial terms of the deal were not disclosed. IParse is based in Portland, Ore.