Veracity teams with American Savings Bank

Veracity Payment Solutions (“Veracity”), headquartered in Atlanta, Georgia, is pleased to announce that it has formed a unique processing alliance with American Savings Bank (“ASB”). Veracity will be purchasing the merchant acquiring portfolio of ASB and has entered into a multi-year marketing agreement to offer services to their entire commercial portfolio through their extensive branch network.

“American Savings Bank has made great strides over the last two years in improving our competitiveness among other Hawaii financial institutions. We continue to introduce many market-leading products and services to our business customers, both large and small. With our extended hours and our BizFree checking product, our goal is to provide our business customers with best in class products and services. Our alliance with Veracity now allows us to apply this same focus in the very important merchant processing segment, where our prior offering was no longer competitive,” said Tim Schools, American Savings Bank President. “I am confident that together, ASB and Veracity will build a best in class merchant processing operation, helping ASB become a leading player in the marketplace.”

“We are extremely excited that American Savings Bank has selected Veracity over some of the largest payment processors in the country. The vast international processing experience of our executive team was a key factor in understanding the potential of this unique growth opportunity. By combining ASB’s market knowledge, customer base, and aggressive leadership with Veracity’s product innovation and payment expertise, we create the perfect climate for both organizations to succeed,” said Joseph Cohane, chief executive officer with Veracity Payment Solutions.