US asset management firm Mellon Financial has acquired ClearTran, a New Jersey-based provider of electronic and online payment processing systems, for an undisclosed sum.
Formed in 1993 ClearTran provides customised electronic bill payment, e-cheque and credit and debit card processing systems.
Pittsburgh-based Mellon says the acquisition gives its corporate clients another payment alternative for their customers, which can easily be integrated into their current receivables workflow.
Commenting on the acquisition, Greg Cicero, senior vice president and head of Mellon WCS, says: "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."
Under the terms of the transaction, ClearTran becomes part of Mellon's working capital solutions (WCS) business and will remain in New Jersey.
Mellon says with ClearTran it will be able to deliver fully integrated electronic payment acceptance systems for billers, which facilitate payments from the Internet, automated voice systems, call centres, kiosks and debit programmes.