Atlanta-based payments services company VeriCheck Inc. (VCI) announced Thursday (Jan. 6) it has acquired ACHWorks, a California software firm and an automated clearing house (ACH) payment services provider.
“The acquisition of ACHWorks will deliver important benefits to our combined clients through our broader product mix, expanded technology solutions and increased operating leverage,” VeriCheck CEO Don Singer said in a news release.
ACHWorks provides payment technology that processes commercial transactions through the ACH network. The company’s software and system give customers access to the network, either through interface and integration to accounting platforms, as a function of software, or through a streamlined, stand-alone system.
“In VCI, we have found a partner with complementary business lines that also shares our commitment to advanced technology and outstanding customer service,” said ACHWorks President Ryan McCurry. “This combination creates opportunities for our employees and expands the resources available to our customers, and I could not be more proud of our team that got us to this point.”
VCI says it plans to integrate ACHWorks’ employees onto its team without relocating them. VCI has on-site and remote teams around the country, with regional headquarters in Los Angeles and Atlanta. The company says its team has spent the last year developing VEER, the first Microsoft Azure cloud-based ACH payment processing platform.
“There are a lot of players in the space and the payments industry is going through rapid changes both from technological innovations and regulatory standards,” said McCurry. “VCI has been a leader in payments solutions for more than 30 years and we could not be more excited to combine the ACHWorks and VCI resources.”
PYMNTS looked at those changes — and the role ACH plays in them — last month in a conversation with Ingo Money CEO Drew Edwards.
As we note in that story, 17% of consumer disbursements are now instant, while 21% are made via ACH.
“Who doesn’t want to get paid faster?” Edwards said. “Same-day ACH was easier to consume because everybody that was doing regular ACH could just as easily do same-day ACH. But I always saw that as a stopgap. To do it right, it should be real time.”