Acquisition Further Strengthens SWIVEL's Commitment to be the Ultimate Transaction-Enablement Partner

 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."