ST. PETERSBURG, Fla.–PSCU said it has completed the acquisition of Juniper Payments, LLC from PITECO S.p.A. and its two principal owners, who will continue with the company under PSCU.
Wichita, Kan.-based Juniper Payments, LLC is the largest cloud-based non-bank third-party provider of inter-bank transaction and reporting systems in the United States, PSCU said.
“Juniper demonstrates vision and reliability in serving financial institutions and correspondents through an automated and unattended banking ecosystem,” PSCU stated.
According to PSCU, Juniper’s transaction services provide key interfaces and automation to financial institutions by leveraging the company’s payment entry, transaction management and connectivity to the Federal Reserve and third-party providers.
Diversified Footprint
“We are proud to welcome Juniper to the PSCU family,” said Chuck Fagan, president and CEO of PSCU. “The addition of Juniper Payments enables us to directly participate in faster and real-time payments innovation, providing our financial institutions with managed connectivity to the Federal Reserve, The Clearing House and the forthcoming FedNow service. This strategic expansion of our product suite aligns with PSCU’s commitment to broadening and diversifying our footprint in financial services, while furthering our financial institutions’ ability to deliver personalized, connected experiences for their accountholders.”
PSCU said Juniper will expand its value-added services for its financial institutions to support additional payments types. Through the acquisition, the CUSO added it will add multi-tiered payments – including ACH processing and domestic/international wire remittance – to its solutions set, as well as a virtual back-office payments gateway, member and business-originated instant payments and reporting, compliance, risk management and monitoring services.
Culture is ‘Aligned’
“We are excited to join PSCU, a company whose values and culture are aligned with our own,” said Jon Budd, CEO of Juniper Payments. “As an integrated financial technology solutions provider, PSCU’s resources and end-to-end portfolio of products, solutions and services will provide added value for our clients. PSCU will continue to invest in the Juniper business and technology, which I’m confident will further unlock Juniper’s potential to enable financial institutions of all sizes to be competitive in this evolving space.”