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Urban FT snags iParse in deal to bolster mobile banking efforts

Urban FT has completed the acquisition of iParse LLC, an Oregon-based tech firm and holder of a number of mobile banking-related patents.

Terms of the deal between the privately-held companies were not disclosed. IParse will operate as a separate unit of Urban FT, and, except for the iParse founders, who are retiring, current staff will continue working for the expanded company, according to a press release.

"The iParse tech strategically complements Urban FT's suite of white-label mobile banking solutions by providing a proprietary way to bypass core processor integration, while delivering a robust mobile banking service for financial institutions to offer to their customers," Urban FT CEO Richard Steggall said in the release.

Urban FT expects to be ready to implement its new mobile plug-in option within 60 days, according to the release.

Urban FT plans to work directly with financial institutions that want to launch mobile banking via the new mobile plug-in deployment option, but Steggall expects that the greater opportunity lies in working with payments processors, including those that already offer their own mobile banking services.

"We're opening up what’s been a white space for processors," Steggall said. "Of course, many processors already offer mobile banking, but their smaller clients can't afford it. And, from the processors' perspective, it's not resource-effective to develop a service their smallest clients can afford."