PayFi, a market leading real-time payment processor, announced today that it has completed its acquisition of Payment Relationship Management (PRM), a professional services firm focused on accelerating the adoption of real-time payments and relationship banking. The combined company is positioned to empower banks to define and deliver payments strategies and enable next-generation payment features including enhanced speed, security, and robust ISO 20022 messaging capabilities on PayFi’s real-time money movement platform through simple APIs.
“We are in the middle of an unprecedented disruption in the banking and payments industries,” said PayFi CEO Travis Dulaney, “The acquisition of PRM furthers our commitment to Community and Regional banks and helping them get back to building relationships through conversational commerce by unifying messaging and payments.”
PayFi provides an open banking technology solution that enables merchant service providers, processors, banks, and fintech companies to move money between bank accounts in real-time. The platform, with foundations in Artificial Intelligence and software as a service (SaaS), provides businesses with the next generation payment infrastructure needed to support seamless customer experience with digital payments.
The acquisition of PRM enhances PayFi’s ability to assist Banks with critical payment strategies while building a real-time Banking-as-a-Service payment platform. The impact to both the top and bottom line for PayFi will be immediate—yielding a profitable company with significant year-over-year growth.
A core element of the acquisition was the retention of the founders of PRM—each with significant industry recognition and experience. Co-founders Peter Gordon and Mark Elliott were FIS Payment Executives and founded FIS’s PayNet, the first Faster Payments Network in the U.S. Peter served on the Steering Committee of the Federal Reserve Faster Payments Task Force that developed strategies for improving the U.S. Payment System. Peter also served as Santander’s Head of Enterprise Payments and was the Board Representative of The Clearing House Payments Company (TCH) who launched the RTP® network to bring real-time payments to the U.S. They both worked at Mastercard and Peter recently was Mastercard’s Real-time Payment Evangelist, where he worked on integrating VocaLink’s real-time capabilities with Mastercard’s assets.
The acquisition, which was completed on April 15, 2019, bolsters PayFi’s management team. “As part of the acquisition, we are excited to announce the appointment of Peter Gordon as Chief Revenue Officer and Mark Elliott as Chief Product Officer,” says the CEO of PayFi. “Having the opportunity to work with Travis and his entire team, melding our professional services and payment strategy consulting methodology with their SaaS payments platform, was a no-brainer to move the banking industry to relationship banking and conversational commerce through next generation of electronic payments,” said Peter Gordon.
For more information, visit www.payfi.io.
About PayFiPayFi provides banks and businesses with a single Banking-As-A-Service processing platform, alternative payment methods and the ability to move money in real-time between accounts. PayFi products include; Instant Merchant Settlement (IMS), RailStorm API and SwitchZero.
About PRM Payments PRM is an industry-leading Analytics and Professional Services firm that enables financial institutions and businesses to navigate the digital disruption in the new world of open payments and banking.
PRM provides the strategic management insights needed to make decisions about the optimal payment mix, platforms, costs, and efficiencies for businesses. PRM helps clients grow customer relationships through Digital & Real-Time Payments (RTP).
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