Data management firm APS secures investment in MetaBank

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Financial data management company Advantage Payment Services (APS) has received a strategic investment from MetaBank, the companies announced in a press release on Thursday (March 31).

Based in Fargo, ND, APS provides enterprise dispute management to leading payment processing issuing banks and FinTechs using its APS Dispute Advantage platform. The company is owned by members of the Campbell family, who started their first business – Advantage Credit Bureau – in 1992.

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

MetaBank is a subsidiary of Meta Financial Group and operates four main business segments: Payments, Tax Services, Trade Finance and Consumer Lending. The companies did not disclose the amount of the investment.

“APS seamlessly integrates core identity verification, compliance and reporting functionality into our existing business processes,” said Anthony Sharett, president of MetaBank.

“Creating this collaborative environment allows us to strengthen their ability to very quickly develop and deploy technology that meets evolving compliance and reporting requirements in payments and FinTech.”

Read more: Financial company MetaBank becomes Pathward

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

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

The name change will bring a new brand identity and website, although the company will continue to serve MetaBank customers throughout the transition.

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NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED IDENTITY VERIFICATION AFTER TRIING IT

On:Fifty-seven percent of consumers who used advanced identity verification methods such as voice recognition when contacting customer service say they would do it again. The Consumer Authentication Experiences report surveyed nearly 3,800 US consumers to find out how delivering innovative verification experiences helps businesses deliver superior customer service across all channels.

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