FinTech: NCR Acquires Terafina For Undisclosed Amount

February 8, 2021 | FinTech, News
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Terafina is a fintech software company specializing in digital account opening.

NCR (NYSE: NCR) is a global leader in ATM Software and the world’s #1 POS software provider for the retail and hospitality industries. It announced today the acquisition of Terafina for an undisclosed amount. The transaction is in accordance with the company’s strategy to acquire early-stage software companies to enhance its own product capabilities. (BusinessWire)

NCR and Terafina

NCR will integrate Terafina’s software into its Digital First Banking platform. Terafina provides solutions for customer account opening and onboarding across digital, branch, and call center channels.

As a result, NCR’s Digital First platform will boost customers’ satisfaction, and encourage them to open new product relationships.

“Digital Banking is a key aspect of the NCR-as-a-Service strategy we laid out at Investor Day in December,” said Michael D. Hayford, president and chief executive officer, in a statement. “Terafina has been a partner of ours and is already up and running, integrated with our Digital Banking platform. We know this adds value for our clients by making digital account sales, marketing, and onboarding easier, so they can provide a superior experience for customers.”

NCR’s Digital First Platform connects customers’ experiences across digital channels and onward into the physical space. Therefore, physical channels like ATMs, tellers, and branches integrate with digital channels, creating an end-to-end customer journey.

For example, a business owner preorders cash and coin from a mobile app, then picks up the money at a physical bank branch, spending minimal time at the location.

The pandemic has triggered a surging demand for digital banking, and as a result, financial institutions have had to upgrade their digital operations urgently.

This has become necessary because centralized locations and branches have had to be shut down, and more and more employees are working from home. The company’s digital platform helps to make this transformation easier.

NCR acquired Cardtronics last month

Last month NCR acquired Cardtronics (NASDAQ: CATM), the world’s largest non-bank ATM operator and service provider for $2.5 billion in cash.

NCR said Cardrtonic’s Allpoint retail-based, surcharge-free ATM network would be highly complementary to NCR’s payments platform.

Related Story:   Digital Payments Fired Up By The Pandemic Propel PayPal To Its Strongest Year Ever

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