Bank Up’s solutions and services include remote deposit capture processing and remittance processing through ASPs in Northern and Southern California. The company also provides disaster recovery and business continuity solutions to a diverse customer base of commercial banks, credit unions, state and municipal government agencies.
Michael Santimauro, CEO of Bank Up Corporation, said, “We acquired the Flex assets to support our efforts to provide a full spectrum of scalable solutions for remittance processing. In addition to our full-service, outsourced ASP solution and remote lockbox solution, we can now offer our customers a robust, Check 21-compliant in-house solution (Flex). This acquisition expands our geographic reach and enables us to broaden our presence outside our core client base. For example, healthcare payments processing is an area we will now be able to support.”
Dave Reim, product manager of imaged payment technologies group at Open Solutions, said: “We are confident this agreement will enhance the service and products available to the Flex client base. We believe the Flex clients, most of which are utility companies, will be well-served by Bank Up, which has remittance/lock box solutions as one of its primary product lines.
“Financial institutions looking for lockbox and remittance processing will also have access to a commercialized partner in Bank Up. They have the expertise, staff and resources necessary to provide superior support for our clients. We look forward to working with Bank Up in the future by offering its wide range of remittance/lock box services to Open Solutions’ clients.”
Bank Up Corporation is an integrated technology solutions and services provider to financial institutions and government agencies. Bank Up provides data backup/recovery solutions for item and remittance processing and data protection services.
Open Solutions is a provider of integrated enabling technologies for financial services providers throughout the US, Canada and other international markets.
