Green Dot Acquires Prepaid Processing Assets of eCommLink for $2.5M
Green Dot Corporation (NYSE: GDOT) has acquired certain processing and hardware assets of eCommLink for $2.5 million in cash. This asset purchase will allow Green Dot to continue its strategy of vertical integration by bringing key remaining elements of transaction processing in house, thereby reducing reliance on third parties.
Green Dot currently uses TSYS for portions of its transaction processing and payment network connectivity. Green Dot recently renewed its outsourced processing agreement with TSYS for an additional two-year term. During this period, Green Dot expects to transition those services from TSYS to its in-house processing solution built on the assets acquired from ECL. A dedicated internal team will perform the processing conversion, led by John MacIlwaine, Green Dot's Chief Information Officer.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.