Veracity Payment announced its acquisition of Vanco Services electronic payment solutions to faith-based organizations, healthcare organizations, financial institutions, nonprofits, schools, municipalities and other entities.
As part of the acquisition, Veracity and Vanco will be rebranded as “Vanco Payment Solutions.” Vanco processes both credit card and ACH transactions on its robust payment platform. The platform not only supports Vanco’s own proprietary suite of online, mobile, in-person and batch payment solutions, it also provides the back office credit card, debit card and ACH processing for more than 60 different software companies via web services integrations. In addition, Vanco systems enable the end-to-end electronic transfer and posting of consumer bill payments initiated anywhere on the nation’s highly fragmented network of online banking sites – payments that would otherwise be sent by check and require manual intervention. The two organizations now serve a combined total of more than 38,000 clients nationwide and process more than $11 billion in electronic payments. They also collectively support over 200 client partners that include financial institutions, affinity and trade associations, professional services and independent software vendors/developers.