ACH Commerce offers automated clearing house (ACH) services to financial institutions, such as phone and web-based funds transactions, check conversion with remittance processing, direct deposit and authentication and verification programs.
Phil Milne, president of MoneyGram, said the purchase will provide a systems platform to build the company’s bill payment business into a multi-faceted, full-cycle service.
As part of the deal, ACH Commerce will remain in Tennessee. Its president, Deborah Hickok, and its employees will be integrated into MoneyGram’s Global Funds Transfer Group.
MoneyGram intends to focus initially on one-time ACH, recurring ACH and credit and debit card transactions via the phone with expectations to add more payment channels in coming months.
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