NCR Acquires ‘Early-Stage’ Software Company Terafina For Digital Onboarding

banking software

Atlanta-based NCR Corp. has today acquired Terafina, which offers technology for customer account opening and onboarding across digital, branch and call center channels.

“Terafina expands NCR sales and marketing capabilities in its industry-leading Digital First Banking platform to drive revenue growth across consumer and business market segments,” NCR said in a Monday (Feb. 8) press release. “Integrating the customer onboarding experience into the NCR Digital First platform will drive higher customer satisfaction.”

“Digital Banking is a key aspect of the NCR-as-a-Service strategy,” said Michael D. Hayford, NCR president and CEO. “Terafina has been a partner of ours and is already up and running, integrated with our Digital Banking platform.”

“We are very excited to combine with NCR’s Digital Banking business, which we believe is one of the largest and clearly one of the leading innovators in the marketplace,” said Meheriar Hasan, founder and CEO of Terafina. “Terafina is looking forward to take what we’ve built and see it grow together with NCR.”

The release said that the “acquisition of Terafina is consistent with NCR’s strategy to acquire early-stage software companies to enhance product capabilities and extend NCR leadership” in its focus areas.

Financial terms of the transaction were not disclosed.

NCR is a software and services provider in the financial, retail and hospitality industries.

Last month, NCR closed its acquisition deal with Cardtronics in an all-cash transaction of $39 per share, totaling $2.5 billion.

A non-bank ATM operator, Cardtronics also offers managed services and payment processing to banks and merchants. The tie-up, leveraging Cardtronics’ extensive network, gives NCR further inroads to the payments ecosystem.

The pandemic has triggered changes in the banking industry that could lead to 20,000 bank branches closing, experts said. Digital banking has been there to fill the void.

Digital banking has seen unprecedented levels of adoption as customers look to carry on their financial activities without leaving their homes. This correlates with the increased use of other digital services, such as food delivery and telehealth appointments.