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Home Capital closes payment processing, prepaid card biz sale

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Home Capital closes payment processing, prepaid card biz sale

Home Capital Group Inc. has completed the sale of its payment processing and prepaid card business, including the Payment Services Interactive Gateway subsidiaries.

The deal, which will see Home Capital exit the business line entirely, was previously expected to close within 2017.

The Toronto-based lender will enter into a transition services agreement, under which it will continue providing services to certain clients for up to a year.