Urban FT Group Inc. said it acquired CFC Technology Group, a Minneapolis-based firm that specializes in remote deposit capture services for credit unions and community banks. 

CFC serves more than 800 financial institutions and thousands of merchants and will complement Urban FT Group's prior acquisition of iParse in 2017 and the acquisition of certain assets from Digiliti in 2018. 

Regional and community banks have clients like real estate agents, medical offices and other businesses that stilll receive a large number of checks, Richard Steggall, CEO of Urban FT, told Mobile Payments Today via email. 

"To provide their small business clients with a streamlined method to deposit and access funds, the services provided by CFC address an ongoing need, and Urban FT will make these services available to its entire base of bank and credit union clients," he said in an email.  

He added that the CFC brand name will slowly be fazed out an Urban FT product suite enlarged.