GR fintech firm bought

SAN ANTONIO–Swivel Transactions LLC, a business unit of the San Antonio financial services firm Southwest Business Corp., announced the purchase of Grand Rapidsp-based Magic-Wrighter Inc., a provider of fintech and payments services.

Swivel officials said the acquisition will increase its reach with banks and credit unions. Magic-Wrighter’s products, new account funding, and loan pay capabilities are complementary to Swivel’s existing products. However, Magic-Wrighter brings new and distinct capabilities such as dealer funding, merchant referral programs for commercial account holders, Automated Clearing House (ACH) disaster recovery capabiltiies, and direct ACH processing that Swivel will distribute.

Swivel will also gain an extraordinary expansion opportunity into the K-12 school districts. EFunds for Schools (EFS), powered by Magic-Wrighter, is a payment technology that integrates with educational technology platforms, making it easy for parents and guardians to pay fees for various school-related programs such as student administration, ticketing for sporting events, meal plans, product purchases, and more.

“From our inception, supporting financial institutions has been our gateway to serving communities. With this strategic acquisition, we’re not only bringing more financial institution capabilities into our fold, but also extending our reach to support K-12 schools,” said Jason O’Brien, CEO of Swivel. “This expansion signifies our commitment to enriching both the financial and educational landscapes in the communities we proudly serve. Magic-Wrighter’s expertise will be a catalyst as we forge ahead, and the synergy between our organizations will create fantastic opportunities to grow and expand our abilities to serve our clients and communities.”

“Magic-Wrighter is proud of its more than 40 years of service to its customers. Before the term fintech was popular, we were providing much-needed payment processing services to financial institutions, government entities, and private businesses,” said Bob Wright, CEO of Magic-Wrighter. “With a direct connection to the Federal Reserve Bank and card industry providers, our customers rest assured that we are delivering the finest payment technology solutions and protecting precious data assets. Our business continues to grow, and I’m excited to work alongside the trailblazers at Swivel. They share our commitment to provide excellent service to clients and will continue to drive innovative payment processing solutions.”

Established in 1982, Magic-Wrighter offers a single-source and financial institution-focused partnership for payments needs. Magic-Wrighter is an Authorized Sending Point to the Federal Reserve Bank and the longest standing independently owned ACH service provider in the U.S. Headquartered in Grand Rapids, with 60 employees, Magic-Wrighter serves over 1,200 bank and credit union clients across the country, in addition to more than 1,000 school districts inclusive of over 10,000 schools. Magic-Wrighter’s multi-channel payment solutions are designed to create many new opportunities for financial institution partners.

Swivel Transactions LLC, is a financial technology and services company providing specialized, integrated transaction enablement services that remove friction for account holders, borrowers, and departments across financial institutions, as well as collections agencies and outsourced service providers, while also mitigating risks associated with moving funds in digital domains. More than 800 financial institutions use Swivel’s payment solutions across the United States. The company is a wholly owned subsidiary of SWBC. More at getswivel.io.

SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits, and more. SWBC has partners and divisions across all 50 states and manages business around the world. More at swbc.com.

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