Transactions: Epic River completes integration with Finastra LaserPro

Lending-as-a-Service platform Epic River has integrated Finastra ’s loan documentation system LaserPro into its platform to give customers a place to send the additional borrower information being collected. “We had a lot more banks generating loan application data in our system instead of having borrowers fill out PDFs,” Epic River Chief Executive Jeff Grobaski told Bank Automation News . “Once they were creating data — instead of just creating documents — it built the ability for us to then pass that data somewhere else.” [caption id="attachment_220712" align="alignright" width="300"] Courtesy/CanStock [/caption] Which is where LaserPro fits in, he said. The integration, which took “a couple of months,” was done through APIs, and Finastra tested the solutions, staged the environment and ensured data was flowing properly, he said. Epic River clients include $194 million Clarity Credit Union and $1.1 billion Central Bank of Houston . Advent to acquire payments company Nuvei for $6.3B Boston-based private equity company Advent International has agreed to acquire Montreal-based payments company Nuvei in an all-cash transaction for $6.3 billion, according to a Nuvei release on April 1. The deal will take Nuvei private, the release stated. Shares of Nuvei, which has been traded on NASDAQ since October 2020 , down 0.17% from market open to $32.07 as of market close today. Nuvei has a market capitalization of $6.08 billion , according to NASDAQ . Nuvie serves 200 markets, including Canada, the United States and the United Kingdom, and provides 680 payment methods, including online and card payments, according to the release. In the fourth quarter of 2023, Nuvei processed $61.8 billion in payments, up 53% year over year, according to its March 5 earnings report. The company’s revenue also increased 46% YoY to $321.5 million, the release stated. "This transaction marks the beginning of an exciting new chapter for Nuvei,” Chief Executive Philip Fayer said in the release. “Bringing in a partner with such extensive experience in the payments sector will continue to support our development." Advent is a long standing investor in the payments landscape and will aid in scaling Nuvie’s platform, the release stated. Advent has invested in British point of sale service provider myPOS in Feb. 2024 and U.K.-based payments solutions provider MangoPay in July 2022, according to the company’s website. Sneaker company New Balance , online betting organization Draft King and gaming platform Valve are some of Nuvei’s customers, according to the company’s website. Copper State Credit Union selects Jack Henry for digital banking Copper State Credit Union , the product of a 2020 merger between Canyon State Credit Union and Deer Valley Credit Union , has selected Jack Henry to use the tech provider's single technology platform to boost efficiencies and customer experience, according to a Jack Henry release on March 18. The $609 million credit union selected Jack Henry to implement a one-platform approach which includes moving to Jack Henry's Symitar core, leveraging a unified digital banking experience along with fraud detection and prevention solution, according to the release. "Our all-in strategy with Jack Henry ensures our members receive the connected services and resources they need to achieve financial prosperity and empowerment," Robb Scott, chief executive of Copper State Credit Union said in the release. "The relationship frees up our internal resources to focus on finding ways to improve the financial lives of member-families within our community." Mastercard joins forces with Alipay for cross-border payments Payments giant Mastercard is expanding its cross-border payment services by teaming up with China’s super app Alipay , according to a recent Mastercard release. The agreement enables Mastercard’s banking, fintech and corporate clients to offer cross-border payments via Alipay’s e-wallet, which has more than 1 billion customers in China, the release stated. The Purchase, N.Y.-based company is targeting remittance payments to China with this offering, and customers can make cross-border payments to 180 countries in 150 currencies, the release stated. Mastercard has also been working on its own solution to provide easy cross-border payments for small and medium-sized businesses, Jane Prokop , executive vice president for small and medium-sized enterprises at Mastercard, previously told BAN . Fear of data security and lack of transparency about fees and the time it takes to settle the payments are major focus areas for cross-border payments, Prokop said. ICBA taps Jack Henry for digital banking, payments solutions The Independent Community Bankers of America (ICBA) selected fintech vendor Jack Henry to provide digital banking, payments, operations and information security tools, according to an ICBA release on March 14. ICBA has more than 130 community bank members across the country, including $256 million First State Bank , $3.2 billion Community National Bank and $52 billion Umpqua Bank , according to the organization’s website. Jack Henry is the preferred service provider for ICBA, and will be providing the following additional services : Digital business banking solution Banno Business; Remote deposit solution JHA SmartPay Remote Deposit Now; Data management solution Synergy; and Centurion Data Backup and Recovery. Community financial institutions need to boost digital services to compete with challengers and legacy banks, Nicole Harper , director of corporate strategy at Jack Henry, told BAN . “While legacy institutions have the resources to keep up with evolving technologies, most community institutions don’t,” Harper said. “This is where Jack Henry comes in.” Jack Henry can provide community banks with proprietary technology or connect them with a network of more than 950 fintechs to develop their digital offerings, she said. Business banking clients expect the same digital capabilities as retail customers, Harper said. According to a 2023 Jack Henry survey, “65% of bank and credit union CEOs have plans to expand SMB services,” she added. "To bring deposits in, community institutions are implementing go-to-market digital approaches, such as early-paycheck access and mobile-only account openings, combined with traditional tactics like CDs and better rates on savings accounts,” Harper said. Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry , with a specific focus on technology that enhance s automat ion.

Transactions: Epic River completes integration with Finastra LaserPro

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