PSCU Acquires Card Program Provider Primax
Primax executives say they look forward to providing added value to their clients through PSCU’s substantial resources.
PSCU has acquired the Primax business from T.K. Keith Company, Inc., the St. Petersburg, Fla.-based payments CUSO announced Tuesday. Terms of the transaction were not disclosed.
Primax, based in Wakefield, Mass., is a provider of customizable consumer and commercial credit, debit and private label payment card programs for community banks, credit unions and businesses in the U.S. and the Caribbean. Founded in 1980 as the management company for the New England Bankcard Association, it enables over $2.3 billion in annual commerce, according to a PSCU news release.
“We are excited to welcome Primax to the PSCU family,” PSCU President/CEO Chuck Fagan said in a prepared statement. “PSCU and Primax share the same commitment to service excellence and a similar relationship-driven culture. PSCU has transformed its business model and evolved from a transactional processor and reseller of a platform partner’s products to an integrated, value-add financial technology solution provider, and we look forward to delivering the benefits of this scale to Primax clients.”
Primax President/CEO Ted Keith, Jr. stated, “PSCU’s substantial resources, end-to-end platform of solutions and services, and commitment to continued investments in innovation will help Primax clients realize their full potential. PSCU has already developed many of the advancements that Primax clients are seeking, including digital and mobile banking, security and fraud mitigation solutions, business intelligence and data analytics, and expert consulting services to help optimize operations and portfolios.”
In a statement, Primax EVP Brad Singer added, “Our team is excited to bring their expertise to PSCU, whose values are aligned with our own, and provide significant added value for our clients.”