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Richard Steggall, Urban FT CEO

US-based core fintech provider, Urban FT Group has acquired a Remote Deposit Capture (RDC) solutions provider, CFC Technology Group in a bid to enhance its standing in the digital banking and payments space.

Richard Steggall, Urban FT CEO, comments: “Urban FT is focused on tilting the playing field for community-based financial institutions. 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. 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.”

Established in 1998, CFC Technology Corporation aims to provide a bundled RDC solution, tailored to each FI’s specific needs. This includes precedented RDC managed-services approach—which includes help desk support, installs, re-installs, scanner support, marketing and self-assessments.

“In a string of rapid-fire actions, Urban FT has secured themselves as a leading Core FinTech provider of digital banking and payments through a pattern of aggressive growth and innovation,” says CFC CEO Richard Wanke. “With a focus on being a one-stop, product-driven extension of the institutions they serve, they have simplified the historically fragmented menu of service providers. This approach has clearly had a direct impact on the operational and capital expenditure that community institutions are burdened with today.”

Urban FT provides a digital banking and payments platform to over 700+ clients, the majority of which are community banks and credit unions. Through its X35 platform, the fintech aims to accelerate community-based financial institutions’ paths towards retail and merchant banking.

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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