Certegy Would Gain 100 CU Net Banking Clients Through Netzee Deal

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.