Fintech Torana Inc Acquired by Huntington National Bank

Fintech Torana Acquired by Huntington National Bank
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Digital Payments Torana, Inc. has been acquired by Huntington National Bank, a subsidiary of Huntington Bancshares. This acquisition will pave the way for digital payment services of Torana to be launched as Huntington ChoicePay enhancing new-age enterprise payments strategy and digital abilities of Huntington.

Torana is a B2C (business-to-consumer) San Francisco-based payments fintech, and its payment services are available in cloud-based SaaS (software as a service) model. With this payment solution, Huntington and its customers will be able to serve digital payment service to various existing consumers.

Scott Kleinman, Co-President, Huntington Commercial Banking Huntington, stated, “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. 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.”

In March 2022, a cash-back credit card was launched by Huntington National Bank to enable consumers earn 1.5% unlimited cash back on every shopping.

Features of cash-back credit card has multiple useful features including no foreign transaction fees, rewards that won’t expire, no annual fee, and no minimum recovery fee if consumers enrolled in any automatic monthly statement credits. Moreover, the features also comprise digital wallet accessibility, account and fraud alerts, card lock, and contactless payments. The national bank incepted in 1866 to serve SMBs (small and middle‐market businesses), customers, and other companies.

Read: KeyBank Acquired GradFin to Digitally Innovate Its Services

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