Metavante Completes VICOR Acquisition
September 01 2006 - 3:05PM
Business Wire
Metavante Corporation, the banking and payments technology
subsidiary of Marshall & Ilsley Corporation (NYSE:MI), has
completed its acquisition, announced in June, of VICOR, Inc., of
Richmond, Calif. The company will become a Metavante subsidiary
within the company's Commercial Treasury Solutions division. VICOR,
a leading provider of corporate payment processing software, will
enhance Metavante's existing commercial treasury offerings with the
addition of a suite of solutions that optimize the processing of
complex payments. VICOR's flagship product, Receivable Information
Delivery System, (RIDS), is an industry leading remittance system
that delivers wholesale, retail and scannable payment processing
functionality on a single platform. A recently released independent
research report by Treasury Strategies, Inc., concluded that
lockbox providers deploying VICOR's RIDS platform achieved
performance superior to industry medians, on a per-item basis, as
compared to non-VICOR platforms. Key findings included a 70 percent
decrease in direct costs, an eight times greater gross margin
increase, 70 percent higher throughput levels, and more than double
the rate of keystroke productivity. Metavante Commercial Treasury
Solutions provide the technology and related outsourcing services
to allow a financial institution's commercial clients to manage
their cash and investments, as well as certain income statement
items. Metavante's systems provide full accounting and
reconciliation for such transactions, serving as the system of
record and providing full regulatory compliance, risk assessment
and fraud management tools. Metavante's solutions are used by
approximately 90 percent of large commercial banks in the United
States to meet the financial services and payment processing needs
of thousands of large corporations, middle-market commercial firms
and small businesses. About Metavante Metavante Corporation
delivers banking and payments technologies to financial services
firms and businesses worldwide. Metavante products and services
drive account processing for deposit, loan and trust systems,
image-based and conventional check processing, electronic funds
transfer, consumer healthcare payments, and electronic presentment
and payment. Headquartered in Milwaukee, Metavante
(www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE:MI). Metavante is a registered trademark of
Metavante Corporation; VICOR and RIDS are registered trademarks of
VICOR, Inc.
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