Green Dot buys prepaid processing assets of eCommLink for $2.5m
Green Dot, a US-based prepaid financial services company, has acquired certain processing and hardware assets of eCommLink (ECL) for $2.5m in cash.
Recently, Green Dot renewed an outsourcing agreement with TSYS for processing and network connectivity for an additional two-year term.
During the two-year term period, Green Dot expects to transition those services from TSYS to its in-house processing solution built on the assets acquired from ECL under the supervision of its chief information officer John MacIlwaine.
Green Dot CFO John Keatley said that approximately one-third of Green Dot's total processing expenses consists of fees paid to payment processors like TSYS and to Synovus, one of their issuing bank partners.
"We expect that integrating our recent acquisitions of Bonneville Bancorp and the assets of ECL will enable us to implement our vertical integration strategy over the next two years as we build out our own in-house card issuing and processing capabilities," added Keatley.
Related Insight
Suppliers Directory
Wealth & Assets Management Asset Management Hedge Funds Private Equity Mutual Funds
Intermediaries Prime Brokerages Custody & Clearing ECN & Exchanges
Technology Banking Technology Security Tech Outsourcing & BPO
Policies & Regulatory Compliance Risk Management
Cards Intelligence
Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Buy online from $125
Comments may be moderated for spam, obscenities or defamation.