Huntington National Bank, a subsidiary of Huntington Bancshares, said it had acquired San Francisco-based business-to-consumer payments FinTech Digital Payments Torana, according to a company press release on Thursday (May 12).
Torana’s digital payments solution, which will launch as Huntington ChoicePay, is a software-as-a-service (SaaS) model built in the cloud and will enable Huntington and its clients to distribute digital payments to end users, according to the press release.
“Torana’s acquisition aligns with our enterprise payments strategy of servicing clients across businesses of all sizes and enables us to maintain a leadership position within our commercial banking segment and further develop additional scale in verticals such as healthcare, public sector, insurance and Huntington’s National Settlements business,” said Scott Kleinman, co-president of Huntington Commercial Banking, in the press release.
“This payment solution will increase engagement with our business and commercial clients because of its ability to rapidly distribute payments to end consumers who are increasingly seeking a faster and broader range of payments options — all critical drivers of customer satisfaction,” he said.
Terms of the deal were not disclosed.
Related: Huntington National Bank Introduces Cash-Back Credit Card
In March, Huntington Bancshares launched a cash-back credit card that allowed customers to earn 1.5% unlimited cash back on every purchase.
The cash-back credit card’s features include: no annual fee, no foreign transaction fees, no minimum redemption amount if enrolled in automatic monthly statement credits, and rewards that do not expire. It also comes with account and fraud alerts, digital wallet accessibility, contactless payments and card lock.
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