PNC Bank announced on Wednesday it has reached a definitive agreement to acquire payment gateway provider Tempus Technologies. According to PNC, the acquisition will expand the banking group’s Treasury Management’s payments platform, which enables corporate clients to manage payable and receivables through a single channel. PNC also revealed that Tempus Technologies’ solution includes mobile payments apps, payment portals, web services and more. It will allow both prospective and existing clients enhanced flexibility with their payments processes.
“Additionally, with end-to-end encryption of payment data through a single gateway, clients will have unilateral payments safeguards housed outside of their network – reducing both risk and costs. Tempus Technologies solutions will be seamlessly integrated with PNC’s existing payments platforms, such as the RTP Network, ACH, Wire Transfer and Zelle, to provide clients with a comprehensive solutions suite for all their treasury needs.”
Mike Lyons, Executive Vice President and Head of PNC Corporate & Institutional Banking, spoke about the acquisition by stating:
“This acquisition demonstrates our ongoing commitment to investing in our Treasury Management products and solutions by further expanding our payments capabilities. Leveraging Tempus Technologies patented solutions and our existing industry-leading Treasury Management platform, we will provide our clients with convenient, immediate and secure payments options based upon their business’ individual needs.”
PNC then added that Tempus Technologies will retain its president, Jason Sweitzer, its existing management team and employees, and will continue to operate out of Auburn, Ind. The company will continue to manage its portfolio of channel partners and clients.
