US-based Huntington National Bank, a subsidiary of Huntington Bancshares, has acquired Digital Payments Torana for an undisclosed sum.
Torana is a business-to-consumer (B2C) digital payments solutions provider, domiciled in San Francisco.
The acquired firm will support the launch of the bank’s B2C payment solution, called Huntington ChoicePay.
Torana’s payment solution operates on a software-as-a-service (SaaS) model and leverages cloud technology.
The deal enhances Huntington’s digital payment capabilities and supports its enterprise payment strategy of servicing clients across businesses of all sizes.
Additionally, Torana is expected to aid Huntington in scaling operations in new verticals such as the public sector, insurance, healthcare and Huntington’s National Settlements business.
Huntington Commercial Banking co-president Scott Kleinman said: “Huntington ChoicePay technology enhances our commitment to delivering differentiated, automated experiences through best-in-class digital tools, and it aligns extremely well with our digital innovation roadmap.
“This payment solution will increase engagement with our business and commercial clients because of its ability to rapidly distribute payments to end consumers who are increasingly seeking a faster and broader range of payments options – all critical drivers of customer satisfaction.”
With $177bn in assets, Huntington Bancshares is headquartered in Columbus, Ohio.
Huntington operates over 1,000 branches in 11 states of the US and its suite of offerings include banking, payments, and risk management services among others.
In June 2021, Huntington Bancshares completed the acquisition of TCF Financial valued at $6bn.