First Data subsidiary eONE Global has acquired electronic invoice presentment and payment services provider BillingZone from PNC Bank and Perot Systems.
Financial details of the transaction, which was pushed through ahead of the seasonal break on 23 December, have not been disclosed.
BillingZone, formed in 2000 as a joint venture between PNC Bank and Perot Systems, offers solutions for automating paper-based accounts payable (A/P) and accounts receivable (A/R) processes at large corporations. Both PNC Bank and Perot Systems have re-affirmed their commitment to providing BillingZone's products to their large corporate customers.
James Graham, division executive of PNC Bank treasury management and former BillingZone board member, comments: "We expect BillingZone to continue to be a key component of our treasury management service offering."
According to Raj Kushwaha, managing director and CTO of eONE Global says the planned combination of BillingZone's services and First Data's existing paper document and cheque handling capabilities will "create the most comprehensive offering available to large companies for automating both paper and electronic financial supply chain transactions".