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PayNearMe acquires consumer financial management app Prism Money

Electronic cash payment network PayNearMe has acquired consumer financial management app Prism Money. According to a press release, the move will allow PayNearMe to offer businesses and financial institutions the capability for in-app bill presentment that enables their customers to make bill payments via automated clearing house or with credit, debit or prepaid cards.

Prism Money capabilities will augment existing PayNearMe cash payment processing offerings, the release said.

Prism Money is intended to help consumers track their bank balance, paycheck deposit, billing amounts due and due dates, as well as enabling them to make payments — all within one app.

PayNearMe said that through the acquisition, a wide range of enterprises from banks to business to government agencies can now offer consumers the same features enjoyed by Prism Money users via API integrations with the underlying platform that powers Prism Money and PayNearMe.

In addition to the acquisition, PayNearMe said Visa will offer PayNearMe's new suite of customizable bill presentment and payment processing capabilities to its enterprise customers, including Visa prepaid consumer reloadable card programs.

"Visa prepaid card providers can now easily integrate bill presentment and same-day bill payment into their existing apps, making it easier than ever for Visa prepaid cardholders to pay bills immediately when they receive wages onto their prepaid cards," said Tony Chang, vice president of prepaid product at Visa. "PayNearMe will provide new functionality for Visa prepaid cardholders, giving them access to new features that will save them time."