Data Management Firm APS Gets MetaBank Investment

Financial data management firm Advantage Payment Services (APS) has received a strategic investment from MetaBank, the companies said in a news release Thursday (March 31).

Based in Fargo, North Dakota, APS provides enterprise dispute management for major payment processing issuing banks and FinTechs with the help of its APS Dispute Advantage platform. The company is privately held by members of the Campbell family, who launched their first business — Advantage Credit Bureau — in 1992.

“MetaBank is a leader in payments and FinTech because it has continually embraced the changing competitive and regulatory landscape,” said Dave Campbell, APS president. “We’ve spent two decades developing and perfecting the technology that gives banks the critical visibility and control over any program they authorize.”

MetaBank is a subsidiary of Meta Financial Group and operates four primary business lines: payments, tax services, commercial finance, and consumer lending. The companies did not disclose the amount of the investment.

“APS integrates key identity verification, compliance, and reporting capabilities seamlessly into our existing business processes,” said Anthony Sharett, MetaBank’s president.

“Creating this collaborative environment allows us to further their ability to very quickly develop and deploy technology that addresses the evolving compliance and reporting demands in payments and FinTech.”

Read more: Financial Firm MetaBank Rebrands as Pathward

Earlier this week, MetaBank announced it is changing its name to Pathward to unify the company under one identity.

The decision follows a strategic brand review last year, initiated following a number of acquisitions. The company says the name Pathward comes from its wish to offer “a path forward to people and businesses so they can reach the next stage of their financial journey.”

The name change will bring with it a new brand identity and website, although the company will keep serving customers at MetaBank throughout the transition.

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NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED ID VERIFICATION AFTER TRYING IT

About:Fifty-seven percent of consumers who’ve used advanced ID verification methods such as voice recognition when contacting customer service say they’d do it again. The Consumer Authentication Experiences report, surveyed nearly 3,800 U.S. consumers to learn how offering innovative verification experiences is helping businesses deliver superior customer service across all channels.

https://www.pymnts.com/news/investment-tracker/2022/data-management-firm-aps-gets-investment-from-metabank/

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