FDIC and OCC Terminate D+H Consent Order
TORONTO, May 11, 2017 /CNW/ - DH Corporation ("D+H") (TSX: DH), a leading provider of technology solutions to financial institutions globally, today announced that, effective May 10, 2017, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have terminated the Consent Order entered into with two of D+H's subsidiaries, specifically Fundtech Corporation and BServ, Inc. ("Fundtech"), which D+H acquired as part of the acquisition of Fundtech in early 2015.
The Consent Order was issued in December 2013, in relation to Fundtech's U.S. Payments, Cash Management, Financial Messaging and Merchant Services businesses. Since the acquisition of Fundtech in April 2015, D+H has made investments and improved practices in risk management in those businesses in order to meet the requirements of the Consent Order.
"Appropriate risk management practices, consistent with what our clients and regulators expect, have been a hallmark of how D+H has run its businesses. When we acquired Fundtech we were committed to raising their standards and practices too. We are pleased that the FDIC and OCC have terminated the Consent Order. This reflects D+H's ongoing commitment to strong risk management practices across all of our businesses and to meeting regulatory expectations," said Gerrard Schmid, Chief Executive Officer at D+H.
D+H (TSX: DH) is a leading financial technology provider that the world's financial institutions rely on every day to help them grow and succeed. Our global payments, lending and financial solutions are trusted by nearly 8,000 banks, specialty lenders, community banks, credit unions, governments and corporations. Headquartered in Toronto, Canada, D+H has more than 5,500 employees worldwide who are passionate about partnering with clients to create forward-thinking solutions that fit their needs. With annual revenues in excess of $1.6 billion, D+H is recognized as one of the world's top FinTech companies on IDC Financial Insights FinTech Rankings and American Banker's FinTech Forward rankings. For more information, visit dh.com.
SOURCE DH Corporation