The acquisition boosts Mellon’s presence in the electronic and paper-based consumer receivables marketplace, and gives its corporate clients another payment alternative for their customers.
Under the terms of the transaction, ClearTran has become part of the Mellon Working Capital Solutions (WCS) business, but remains based in Parsippany, New Jersey. No other transaction terms have been announced.
This is a significant milestone in our ongoing efforts to assist clients who want to employ a variety of electronic alternatives to move their money and thereby derive associated efficiencies. Specifically, we will be able to help clients receive their funds faster and more efficiently, while providing their customers with the convenience of electronic bill payment, said Greg Cicero, senior vice president and head of Mellon WCS.
Since 2001, Mellon WCS has teamed with ClearTran through a successful marketing alliance arrangement. By formalizing the relationship, ClearTran and Mellon will be able to expand their combined efforts to deliver fully integrated electronic payment acceptance solutions for billers, which facilitate payments from the internet, automated voice systems, call centers, kiosks and recurring debit programs.
