PSP Services buys NCR Atleos’ transaction processing and card management business in Canada
PSP Services Inc. has agreed to acquire the Canadian card management and transaction processing business of NCR Atleos to enhance its HLX Unified Commerce Platform.
NCR Atleos sells its Canadian division to PSP Services
The processor, headquartered in Vaughan, Ontario, says its latest purchase will enable institutional consumers of its POS solution to “take advantage of many new payment solutions”.
NCR Atleos previously operated as the ATM division of US-based NCR Corporation until 2023, when it was spun out into a separate entity.
Its business now being acquired by PSP Services provides transaction acquiring and processing, card management, payments and real-time processing capabilities to financial institutions in Canada through its cloud-native solution Authentic.
Designed for acquirers, issuers, processors and banks, Authentic also supports back office tools for fraud detection, servicing clients with reconciliation, settlement and dispute resolution functions.
In a statement, PSP Services describes the business as a “very complementary addition” to its HLX Unified Commerce Platform, which combines both online and offline sales channels for businesses, bolstering inventory management with customisable consumer insights, chargeback management workflows, user management permissions and fraud management tools.
The official timeline for the integration of the two solutions, and the total sum of the transaction, have not been disclosed.
Danny Gurizzan, president and CEO of PSP Services, says the acquisition is “timed very well”, with PSP Services intending to “further enhance the acquired assets with very specific solutions”.
NCR Atleos, which recorded 4% year-over-year revenue growth to $1.08 billion in Q2 2024, did not immediately respond to FinTech Futures‘ request for comment on the sale.
