Huntington National Bank acquired Torana, a business-to-consumer payments financial technology company based in San Francisco. Torana’s digital payment solution for Huntington will launch as Huntington ChoicePay, a software as a service model built in the cloud that 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,” Scott Kleinman, co-president of Huntington Commercial Banking, said. “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.”