EMV Company To Acquire EFT Source

Financial services and EMV card production firm CPI Card Group will acquire EFT Source, Inc., according to an EFT announcement.

EFT specializes in turnkey card programs and personalization services for ATM and debit cards for financial institutions. CPI and EFT were business partners for more than 15 years, according to the statement, but the acquisition is expected to add advanced personalization capabilities to enhance CPI’s existing personalization abilities. Moreover, the move will give CPI better access to small- to medium-sized financial institutions across the country.

“As longstanding partners, CPI and EFT Source share a common philosophy and focus on superior customer service delivery,” said Steve Montross, president and CEO of CPI Card Group. “Now, through this acquisition, we are combining CPI’s and EFT Source’s unmatched capabilities and increased capacity to deliver more customized programs, superior card production and greater personalization services. We’re very excited about this combination and the value that it will provide to our customers.”

EFT President Bill Dinker said the acquisition is a “natural fit” and gives his firm an opportunity to expand its product offering and improve growth.

“This will provide substantial opportunity for our organization,” Dinker said.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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