Business

U.S. Bank unit Elavon buys Electronic Transaction Systems in fintech deal

The deal will allow Elavon to integrate payment processing into software developed by ETS, the companies said.

By Evan Ramstad

September 5, 2018 at 1:40AM

U.S. Bancorp said its merchant payment processing subsidiary Elavon acquired Electronic Transaction Systems, a Virginia-based developer of end-to-end payment systems for retailers and other businesses.

Terms of the acquisition were not disclosed.

The deal will allow Elavon to integrate payment processing into software developed by ETS, the companies said in a statement Monday.

"ETS has an innovative approach to merchant payments that fits well within Elavon's strategy to provide businesses the ability to safely and quickly integrate into our system," Jamie Walker, chief executive of Elavon, said in the statement.

Ed Vaughan, chief executive of ETS, said the company has been working with U.S. Bank for 20 years.

about the writer

about the writer

Evan Ramstad

Columnist

Evan Ramstad is a Star Tribune business columnist.

See Moreicon

More from Business

See More

Retail

Rodent, bird infestation forces Minnesota grocery distributor to recall many items

Ten skids of loose peanut butter crackers wait to go to the land fill Saturday Feb. 7, 2009 as Gleaners Food Bank destroys products containing peanut butter as part of the nation wide recall of foods containing Salmonella tainted products from Peanut Corp. of America . (AP Photo/The Indianapolis Star,Michelle Pemberton)
The Minnesota Star Tribune

Gold Star Distribution, which supplies several Halal markets in the Twin Cities, is voluntarily recalling a list of food and merchandise products stretching 44 pages and including products from candy to medicine.

Agriculture

40 years ago, Hormel workers walked off the job. Austin would never be the same.

card image
Editor's Pick

Editor's Pick

For this year’s roughly 10,000 laid-off Minnesotans, holidays are bittersweet

card image