PNC Bank has forged a definitive agreement to purchase payment gateway provider for businesses, Tempus Technologies.
Financial details of the transaction were not divulged.
Tempus Technologies offers payment processing solutions to businesses of all sizes.
Its solutions include mobile payments apps, payment portals, web services and more.
Additionally, clients can set up “unilateral payments safeguards” outside their network to reduce risk and costs, with the end-to-end encryption of payment data.
These solutions will be integrated with PNC’s existing payment platforms including the RTP Network, ACH, Wire Transfer and Zelle.
Post-acquisition, Tempus Technologies will continue to operate out of Auburn, Indiana. It will retain its leadership team and employees, as well as its partners and clients.
Tempus Technologies president Jason Sweitzer said: “We believe this is an opportunity to not only continue to grow our business and support our existing channel partners and clients, and to do so with a company that shares our vision of delivering innovative and high-quality solutions.
“We look forward to expanding our services and product set leveraging PNC’s strong treasury management and advisory capabilities.”
By acquiring Tempus Technologies, PNC will expand the payments platform of its treasury management business.
It will allow corporate clients to manage their account payables and receivables via a single source, across all payment rails.
PNC EVP and head of corporate & institutional banking Mike Lyons said: “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.”
The latest move comes over two months after PNC Bank agreed to buy Spanish lender BBVA’s banking arm in the US.
