The firm bets on the future of electronic bank account management with Speranza purchase.
Wall Street Systems announced that it will acquire the assets of Speranza, a provider of a web-based platform for electronic bank account management or eBAM.
Both treasurers and bankers lament the enormous time that managing bank accounts requires. The task of opening, closing and updating sometimes hundreds accounts is not only a big source of pain for treasurers and bankers. It’s also operationally inefficient since it relies on paper-based processes. Attendees at a recent meeting of The NeuGroup’s Global Cash and Banking Peer Group said the only winners being government agencies and attorneys.
The hope is that eBAM will eliminate many of these inefficiencies. Wall Street said that the acquisition is a “significant investment” in a market which it feels will see explosive growth over the next two years. It will also pick up some fairly sizeable customers. Neither Wall Street nor Speranza would say who their customers are currently but according to Treasury & Risk magazine, Speranza lists Shell Oil treasury (which helped develop its product) as well Viacom among them.
The company said the new product offering will not be only for corporate treasurers but for banking treasurers as well. The company has had a partnership with Speranza for almost two years. Paul Wheeler, managing director of Wallstreet Treasury, said the acquisition was a natural progression to that relationship. By acquiring the company, Mr. Wheeler said Wall Street was not only able to offer funding for continued eBAM evolution technology but also a ready-made sales and marketing infrastructure.