CSI purchases treasury payments fintech Qolo

This acquisition signals a major shift in how community and regional banks will offer payment services to your local business. CSI, a major provider of banking technology, is buying Qolo to integrate advanced payment processing directly into the bank's core systems. For retailers, this means the local bank you use for your business checking or small business loans may soon be able to offer more sophisticated payment tools that were previously only available through giant national banks or specialized fintechs. The deal focuses on 'omni-channel' capabilities. This means better integration between how you collect money in-store, online, and via mobile. It also streamlines the behind-the-scenes movement of money, potentially speeding up how quickly you see funds in your account after a customer swipes a card or uses a financing plan. As banks move toward these 'all-in-one' platforms, merchants should look for opportunities to consolidate their payment processing, card issuing, and business banking under one roof. This could reduce the headache of managing multiple vendors and disparate software systems that don't talk to each other.

Source: American Banker — Top News

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