Bank acquires digital payments solutions provider

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Scott Kleinman. Courtesy Huntington National Bank

Huntington National Bank expanded its fintech solutions portfolio through a recent acquisition.

The Columbus, Ohio-based bank — which has 350 branches in Michigan and now is the owner of the former TCF/Chemical — said Thursday, May 12, it acquired San Francisco-based Digital Payments Torana, a business-to-consumer payments fintech company.

Terms of the deal were not disclosed.

Torana’s digital payments solution, which will launch as Huntington ChoicePay, will enhance Huntington’s digital capabilities and advance its enterprise payments strategy.

A software as a service (SaaS) model built in the cloud, Torana’s payment solution will enable Huntington and its clients to distribute digital payments to a variety of end users.

“Torana’s acquisition aligns with our enterprise payments strategy of servicing clients across businesses of all sizes and enables us to maintain a leadership position within our commercial banking segment and further develop additional scale in verticals such as health care, public sector, insurance and Huntington’s national settlements business,” said Scott Kleinman, co-president of Huntington Commercial Banking.

“Huntington ChoicePay technology enhances our commitment to delivering differentiated, automated experiences through best-in-class digital tools, and it aligns extremely well with our digital innovation roadmap.

“This payment solution will increase engagement with our business and commercial clients because of its ability to rapidly distribute payments to end consumers who are increasingly seeking a faster and broader range of payments options — all critical drivers of customer satisfaction.”

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