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Urban FT Group Inc. announced the acquisition of CFC Technology Group LLC, a remote deposit capture provider, a move Urban FT says will boost its presence among smaller financial institutions. Terms were not disclosed.
New York City-based Urban FT says CFC works with more than 800 institutions and thousands of merchants. Urban FT is a digital-banking and payments platform and has more than 700 clients, most of which are community banks and credit unions.
Among its services are technologies to enable person-to-person payments, bill pay, automated clearing house transactions, and RDC.
“With our acquisition of CFC, we have penetrated merchant-based banking territory and expanded our arsenal, encouraging institutions to excel beyond the ‘too big to fail’ crowd,” Richard Steggall, Urban FT chief executive, said in a statement. “This move has strengthened our ability to provide end-to-end digital payment solutions and has been an exceptional addition to our X35 Technology Platform.”
Remote deposit capture gained widespread commercial viability more than 10 years ago. Since then, according to RemoteDepositCapture.com, an Alpharetta, Ga.-based research firm, more than half the banks offering services apply per-item limits between $2,001 and $5,000. Approximately 16% of all checks deposited in the 2018 fourth quarter were completed via RDC.
