ALPHARETTA, Ga. – Approximately 100 credit unions that currently receive their Internet banking services through Netzee could start receiving them from Certegy, if a pending deal for Certegy to buy the firm goes through. According to Certegy, Netzee, based in Atlanta, provides e-commerce services to approximately 800 community banks and credit unions. Certegy reports the deal is worth $10.4 million in cash and still needs approval from Netzee's stockholders. Should they approve, the sale will be finalized in mid January 2003 and Netzee's credit union customers should be completely integrated as Certegy customers by mid March, according to Mary Waggoner, vice president of investor and public relations for Certegy. "We anticipate the switchover will be as seamless as possible for the credit unions involved," she said. Certegy currently has no Internet banking product for credit unions, although it processes about 4000 credit union credit and debit card accounts, she said. The acquisition of Netzee opens the door for a more complete credit union service, she added.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.