PNC Bank to acquire Tempus Technologies

With stiff competition in the commercial payments space, banks have started to acquire or partner with fintechs in order to stay ahead in the innovation arms race.

This week, PNC Bank has announced that it has reached a definitive agreement to acquire Tempus Technologies which is a payment gateway provider. According to the press note, the deal is subject to legal close and it will help the PNC Treasury Management to expand its payments platform which enables corporate clients to manage their payables and receivables through a single channel.

“Leveraging Tempus Technologies patented solutions and our existing industry-leading Treasury Management platform, we will provide our clients with convenient, immediate and secure payments options based upon their business’ individual needs,” said Mike Lyons, executive vice president and head of PNC Corporate & Institutional Banking.

Tempus Technologies solutions include mobile payments apps, payment portals and web portals. The press release notes that Tempus Technologies solutions will be integrated with PNC’s existing payments platforms such as RTP Network, ACH, Wire Transfer and Zelle.

The acquisition also states that Tempus Technologies will retain its president, Jason Sweitzer and its management team and employees.