Huntington National Bank expands digital payments through acquisition of fintech Torana

Rhea-AI Summary

Huntington Bancshares (Nasdaq: HBAN) has acquired Digital Payments Torana, Inc., enhancing its digital payment capabilities with the launch of Huntington ChoicePay. Located in San Francisco, Torana's cloud-based SaaS model allows for efficient, rapid distribution of digital payments to various end users. This acquisition aligns with Huntington's enterprise payments strategy, aiming to increase engagement with business clients in sectors like healthcare and insurance, while advancing its digital innovation roadmap. The financial terms of the transaction remain undisclosed.

Positive

• Acquisition of Torana enhances Huntington's digital payment capabilities.
• Launch of Huntington ChoicePay aligns with enterprise payments strategy.
• Strengthens presence in healthcare, public sector, and insurance markets.
• Improves customer engagement through faster payment options.

Negative

• None.

Bank launches Huntington ChoicePay, a business-to-consumer payment solution

COLUMBUS, Ohio , May 12, 2022 /PRNewswire/ -- Huntington National Bank, a subsidiary of Huntington Bancshares, Incorporated (Nasdaq: HBAN) announced today it has acquired Digital Payments Torana, Inc. (Torana), a business-to-consumer payments fintech based in San Francisco. Torana's digital payments solution, which will launch as Huntington ChoicePay, will further enhance Huntington's digital capabilities and advance Huntington's enterprise payments strategy.

Torana's payment solution is a cloud-based SaaS model enabling digital payments to a variety of end users.

Torana's payment solution is a software as a service (SaaS) model built in the cloud and will enable Huntington and its clients to distribute digital payments to a variety of end users.

"Torana's acquisition aligns with our enterprise payments strategy of servicing clients across businesses of all sizes and enables us to maintain a leadership position within our commercial banking segment and further develop additional scale in verticals such as healthcare, public sector, insurance and Huntington's National Settlements business," said Scott Kleinman, co-president of Huntington Commercial Banking. "Huntington ChoicePay technology enhances our commitment to delivering differentiated, automated experiences through best-in-class digital tools, and it aligns extremely well with our digital innovation roadmap. 

"This payment solution will increase engagement with our business and commercial clients because of its ability to rapidly distribute payments to end consumers who are increasingly seeking a faster and broader range of payments options – all critical drivers of customer satisfaction," Kleinman said.

Terms of the transaction were not disclosed.

About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $177 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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SOURCE Huntington Bancshares Inc.

FAQ

What is Huntington ChoicePay?

Huntington ChoicePay is a business-to-consumer payment solution launched by Huntington Bancshares following its acquisition of Torana, enabling rapid digital payments.

When was the acquisition of Torana announced?

The acquisition of Torana was announced on May 12, 2022.

What are the benefits of the Torana acquisition for HBAN?

The acquisition enhances Huntington's digital payment capabilities and allows for better engagement with business clients seeking efficient payment solutions.

What is the significance of the acquisition for Huntington Bancshares?

The acquisition reinforces Huntington's leadership in commercial banking and supports its digital innovation efforts.

Are the terms of the Torana acquisition public?

No, the terms of the transaction were not disclosed.