“The prepaid market has been a strategic focus for our business over the last decade and we are pleased to expand our capabilities and offer a fuller suite of prepaid services,” Tony Vuoto, the executive vice president of U.S. Bank’s retail payment solutions, said, according to Biz Times. “FSV Payment systems is one of the few integrated platforms developed specifically for the prepaid market and has the flexibility to serve our growing customer base.”
U.S. Bank, the head bank of U.S. Bancorp, expects to complete the acquisition next month, though the decision requires regulatory approval. FSV, which specializes in managing a number of prepaid programs for firms, municipalities and other institutions, will operate under U.S. Bank’s Elan Financial Services after the acquisition, but the terms of the deal were not made public.
FSV CEO Rick Savard expressed excitement about the acquisition.
“U.S. Bank brings a deep knowledge of prepaid across varied customer relationships,” Savard said, Biz Times reports. “FSV will complement this with a world-class processing platform, the ability to create tailored solutions and an exceptional team of prepaid executives.”