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SWBC's SWIVEL acquires Magic-Wrighter Inc.

Tuesday, December 05, 2023 — 12:37:33 (EST)

SAN ANTONIO, Dec. 5, 2023 /PRNewswire/ -- SWBC's SWIVEL™ Transactions, LLC, a leading fintech company specializing in integrated transaction enablement solutions, announced today it has acquired ownership of Magic-Wrighter, Inc., a leader in the fintech and payments industry. This acquisition reflects SWIVEL's mission to provide innovative solutions that remove friction for account holders, borrowers, and departments across financial institutions, as well as collections agencies and departments. By mitigating risks associated with moving funds in digital domains, SWIVEL empowers its clients to streamline processes and enhance operational efficiency.

The acquisition of Magic-Wrighter will afford SWIVEL the opportunity to substantially 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 product suite. 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 capabilities, and Direct ACH Processing that SWIVEL is excited to partner with on distribution.

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 popular educational technology platforms, making it easy for parents/guardians to pay the 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 (FI), 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."

About Magic-Wrighter, Inc.

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, Michigan, 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.

About SWIVEL

SWIVEL Transactions, LLC, is a financial technology and services company providing specialized, integrated transaction enablement solutions 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, headquartered in San Antonio, Texas. For more information about SWIVEL and its innovative solutions, visit getswivel.io.

About SWBC

As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages business around the world. No matter how wide its reach, SWBC always listens to its customers' needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC's website at swbc.com.

SOURCE SWBC

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Source: Company press release.