U.S. Bank, lead bank of U.S. Bancorp, announced it is acquiring Jacksonville, Fla.-based FSV Payment Systems, a prepaid card processing company known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions.
The acquisition combines U.S. Bank’s payments strength and prepaid expertise with FSV’s platform, which will position the combined entity as one of the few financial institutions in the industry capable of providing efficient end-to-end prepaid programs and services for its clients. The programs and services that FSV clients currently use will continue uninterrupted through the transition, and in the future they will benefit from new developments and innovations that the combined business will provide.
U.S. Bank is based in Minneapolis and has a significant presence in Wisconsin.
“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,” said Tony Vuoto, executive vice president of U.S. Bank Retail Payment Solutions. “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.”
“We at FSV are very excited about this event,” said Rick Savard, chief executive officer of FSV. “U.S. Bank brings a deep knowledge of prepaid across varied customer relationships. FSV will complement this with a world-class processing platform, the ability to create tailored solutions, and an exceptional team of prepaid executives.”
Upon completion of the acquisition, FSV will operate under U.S. Bank’s Elan Financial Services brand. The acquisition is expected to close in December, pending regulatory approval. Financial terms of the transaction were not disclosed.
