PSCU completes acquisition of Primax
ST. PETERSBURG, FL (July 1, 2020) — PSCU, the nation’s premier payments credit union service organization (CUSO), today announced that it has completed the acquisition of the Primax business from T.K. Keith Company, Inc. Terms of the transaction were not disclosed.
Based in Wakefield, Mass., Primax has been designing and providing support services for payment card programs for credit unions and community banks throughout the U.S. and the Caribbean for nearly 40 years.
“We are excited to welcome Primax to the PSCU family,” said Chuck Fagan, president and CEO, PSCU. “PSCU and Primax share the same commitment to service excellence and a similar relationship-driven culture. PSCU has transformed its business model and evolved from a transactional processor and reseller of a platform partner’s products to an integrated, value-add financial technology solution provider, and we look forward to delivering the benefits of this scale to Primax clients.”
“PSCU’s substantial resources, end-to-end platform of solutions and services, and commitment to continued investments in innovation will help Primax clients realize their full potential,” said Ted Keith, Jr., president and CEO, Primax. “PSCU has already developed many of the advancements that Primax clients are seeking, including digital and mobile banking, security and fraud mitigation solutions, business intelligence and data analytics, and expert consulting services to help optimize operations and portfolios.
“Our team is excited to bring their expertise to PSCU, whose values are aligned with our own, and provide significant added value for our clients,” added Brad Singer, executive vice president of Primax.
PSCU, the nation’s premier payments CUSO and an integrated financial technology solutions provider, supports the success of more than 2,400 financial institutions and processes nearly 7.7 billion transactions annually. Committed to service excellence and focused on continuous innovation, PSCU’s payment processing, fraud and risk management, data and analytics, digital banking, strategic consulting and real-time payments platforms, along with 24/7/365 member support via its contact centers, help deliver personalized, connected experiences. The origin of PSCU’s model is collaboration and scale, and the company has leveraged its influence on behalf of credit unions and their members for more than 45 years. Today, PSCU provides an end-to-end, competitive advantage that enables credit unions to securely grow and meet evolving consumer demands. For more information, visit pscu.com.
Primax provides community banks, credit unions and businesses with exceptional service, support and customizable payment card programs. With a wide array of outsourced services and full breadth of consumer and commercial credit, debit, and private label card products, Primax helps clients profitably grow their portfolios and deliver excellent experiences to their cardholders. Founded in 1980 as the management company for the New England Bankcard Association, Primax enables over $2.3 billion of annual commerce and is a privately-held company based in Wakefield, Mass.