PNC Bank to acquire payment gateway provider Tempus Technologies
Pennsylvania-based PNC Bank, a subsidiary of PNC Financial Services Group, has agreed to acquire Tempus Technologies, a payment gateway provider that caters to businesses with its payment-processing solutions.
The financial terms of the deal were not disclosed.
According to PNC Bank, the acquisition will expand the payments platform of PNC Treasury Management by letting corporate clients to manage payables and receivables via a single channel, spreading across all payment rails.
Mike Lyons – executive vice president and head of PNC Corporate and Institutional Banking said: “This acquisition demonstrates our ongoing commitment to investing in our Treasury Management products and solutions by further expanding our payments capabilities.
“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 solutions of Tempus Technologies include mobile payments apps, payment portals, web services, and others. These are said to enable prospective and also existing clients get improved flexibility with their payments processes.
In addition to that, the end-to-end encryption of payment data via a single gateway will ensure that clients will have unilateral payments safeguards stationed outside of their network, thereby cutting down both risk and costs, said PNC Bank.
Tempus Technologies solutions will be integrated with PNC Bank’s existing payments platforms that include RTP Network, ACH, Wire Transfer, and Zelle, to give clients a comprehensive solutions suite for all their treasury requirements.
Jason Sweitzer – president of Tempus Technologies 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.”
Jason Sweitzer will be retained along with Tempus Technologies’ existing management team and employees, who will continue to be based in Auburn, Indiana.
PNC Bank acquisition of Tempus Technologies is subject to a legal close.