US Bank to sell card processor Elan
EXCLUSIVE. US Bank is looking to offload its card processor business Elan, with Finastra, FIS and Fiserv believed to be in the final bid.
F-troop are moving in
Elan provides card processing services to 1,800+ US banks. This includes payments services, credit card issuing, prepaid card solutions and ATM and debit card processing.
It also provides transaction processing, terminal driving and monitoring and support services for more than 34,000 ATMs across the US and supports more than 13 million ATM and debit cards.
Finastra, FIS and Fiserv have all been busy in paytech and bankingtech – and the deal would naturally strengthen their payments capabilities and deal a blow to any rival.
Back in June, Finastra acquired digital banking provider Malauzai to bolster its presence in the US retail and business banking sectors for credit unions and community banks. Finastra is of course the result of Misys and payments firm D+H merging.
FIS hasn’t been in a buying mood recently. But its payment capabilities are well known. Last year, US-based Fifth Third Bank chose FIS to enable real-time payments (RTP) for its customers through the Clearing House’s (TCH) payments system.
For Fiserv, it made a big acquisition last year when it bought payments software vendor Dovetail.
FinTech Futures contacted US Bank, Elan, Finastra, FIS and Fiserv for comments.
Finastra, FIS and Fiserv offered a “no comment”.
US Bank and Elan have not responded at the time of writing.
It’s Elavon.
Elavon and Elan are two different companies. The story above is about Elan being up for sale, perhaps Elevon is looking for a buyer as well?