Community Federal Savings Bank (“CFSB”), a federal savings association chartered by the Office of the Comptroller of the Currency, and PayFacto Payments Inc. (“PayFacto”), a leading provider of payment solutions and technologies, are pleased to announce that they have established a long-term strategic partnership to launch a new merchant acquiring division at CFSB for the US market.
New York-based CFSB, Member FDIC, has established itself as a partner of choice for Fintech companies and global payment solution providers. CFSB has empowered its partners to issue millions of debit, gift, and prepaid cards as well as white label banking solutions to the US market. Building upon its years of card payment network experience, CFSB will partner with PayFacto to bring merchant acquiring to its suite of services.
PayFacto, one of the largest non-bank payment processors in Canada, is a leading provider of high-quality fully integrated payments solutions and the payment processor of choice to over 30,000 merchants. Through its recent acquisition of Maître D and Veloce, PayFacto already has an established US presence with over 50 resellers and 4,000 merchants in the hospitality industry, as well as integrations to over 40 leading POSs. PayFacto is now bringing its expertise in both card present and card not present payment processing to the US market.
“Selecting the right partner to help us bring an enhanced and unique value proposition to the market was the main factor in our decision to launch our merchant acquiring division,” said Martin Hyman, President of CFSB. “In Canada, PayFacto enjoys a leadership position in the payments space. Partnering with PayFacto for their US operations is the ideal strategy to build upon our existing service offering as an issuing bank by launching a complementary acquiring division, and one that sets us apart from the rest of the market,” he added.
PayFacto boasts an in-depth knowledge of payment processing and is recognized for its expertise, agility and quality of execution. By leveraging synergies between CFSB’s established network as an issuing bank and PayFacto’s in-depth payment processing expertise, CFSB’s acquiring division will benefit from an extraordinary opportunity to target promising and emerging sectors of the economy and rapidly pivot its merchant acquisition efforts to address new market opportunities by offering customized and flexible payment solutions.
“We are honored to have the opportunity to partner with CFSB, an established financial institution that shares our values and our practical solution-driven approach to the payments business,” said Martin Leroux, President and CEO of PayFacto. “Building on our existing presence in the United States, this strategic partnership with CFSB will allow us to successfully replicate our leading Canadian business model in that market. This is a transformational partnership that will serve as a launching pad from which we will expand our presence and accelerate our growth in the United States, thereby establishing PayFacto as one of North America’s leading payment processors.”
