Metavante and Yodlee Bolster Bill Pay with Reciprocal Agreement
November 14 2006 - 7:00AM
Business Wire
Metavante Corporation today announced a reciprocal agreement with
Yodlee, Inc. that infuses Metavante electronic bill payment with
Yodlee�s proprietary credit and debit card payment functionality,
and integrates Yodlee solutions with Metavante�s electronic bill
payment processing capabilities. Metavante is the banking and
payments technology subsidiary of Marshall & Ilsley Corporation
(NYSE: MI). Benefits of the agreement include enabling end users of
Metavante online bill pay to make payments with their credit and
debit cards. At the same time, financial institutions offering
Metavante bill pay will be able to turn what is most often provided
as a free service into a revenue-generating opportunity. Financial
institutions can now collect interchange fees on payments made
through their online bill pay service when customers use a credit
or debit card issued by the same financial institution.
Additionally, the customer can earn points toward a rewards
program, if one is associated with their card. �Yodlee has the
ability to make revenue-generating, card-based bill payments with
over 200 of the top U.S. billers today and is expanding its network
of available payees rapidly. Metavante is committed to
strengthening its products through partnerships when they deliver
competitive advantages to our clients,� said Dave Fortney, senior
vice president, Metavante electronic presentment and payment.
�Financial institutions offering Metavante bill pay now receive the
card option, revenue-generating opportunities and lower total cost
of ownership. They can offer customer benefits, such as same-day
and last-minute payments, which are typically associated with
biller-direct payments. In addition, card-based bill pay
functionality provides another chance to promote a payment card
rewards program and end-user adoption of online bill pay. Maybe
even more importantly, it can turn a financial institution�s Web
site into the preferred channel for all their customers� online
payments.� By integrating Metavante bill pay processing, Yodlee
strengthens its BillPay offering with enhanced biller connectivity
when users choose to make a payment without a card. Metavante will
be a preferred bill pay processor for ACH and check payments in
these instances. �The winners in this association are the combined
customers of Metavante and Yodlee,� said Anil Arora, Yodlee
president and chief executive. �Both Metavante and Yodlee gain
important functionality that enhances and advances their respective
product offerings. Plus, stronger bill pay offerings from both
companies give financial institutions additional revenue-generating
features they can offer their customers, while at the same time
delivering the benefits of card-based payments to end users, which
nearly 50 percent of consumers said they wanted in a recent Aite
Group survey1.� According to another recent Aite Group report2, new
technologies and processing arrangements, such as the one between
Metavante and Yodlee, may play a significant role in shaping the
online bill payment landscape. In the same report, Aite Group also
forecasts that, �By 2010, 45 percent of the overall bill payment
industry's revenues will go to participants in the card processing
value chain, up from 34 percent in 2006.� About Yodlee Leading
financial institutions trust Yodlee to power critical online
banking applications that increase profitability and drive more
value from the online channel. Yodlee�s proven consumer banking,
payments solutions, wealth management and risk management
applications unify all personal financial account information to
deliver a simple, centralized and secure way for consumers to
manage all of their financial tasks � anytime, anywhere. Yodlee
makes financial institutions� Web sites essential to their
customers and generates new revenue opportunities. Over 100 leading
financial institutions and portals, including Ameriprise Financial,
AOL, Bank of America, Fidelity, JPMorgan Chase, Merrill Lynch and
MSN, today offer Yodlee-powered solutions to millions of customers
worldwide. Yodlee operates in the United States and Europe and is
headquartered in Redwood City, California. For more information,
visit www.yodlee.com. 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). 1 Aite Group, �Next-Generation Online
Banking and Bill Pay,� Nov. 2006, Gwenn Bezard. 2 Aite Group,
�Online Bill Payments: Chasing the Next Big Thing,� Oct. 2006,
Gwenn B�zard. Metavante is a registered trademark of Metavante
Corporation. Metavante Corporation today announced a reciprocal
agreement with Yodlee, Inc. that infuses Metavante electronic bill
payment with Yodlee's proprietary credit and debit card payment
functionality, and integrates Yodlee solutions with Metavante's
electronic bill payment processing capabilities. Metavante is the
banking and payments technology subsidiary of Marshall & Ilsley
Corporation (NYSE: MI). Benefits of the agreement include enabling
end users of Metavante online bill pay to make payments with their
credit and debit cards. At the same time, financial institutions
offering Metavante bill pay will be able to turn what is most often
provided as a free service into a revenue-generating opportunity.
Financial institutions can now collect interchange fees on payments
made through their online bill pay service when customers use a
credit or debit card issued by the same financial institution.
Additionally, the customer can earn points toward a rewards
program, if one is associated with their card. "Yodlee has the
ability to make revenue-generating, card-based bill payments with
over 200 of the top U.S. billers today and is expanding its network
of available payees rapidly. Metavante is committed to
strengthening its products through partnerships when they deliver
competitive advantages to our clients," said Dave Fortney, senior
vice president, Metavante electronic presentment and payment.
"Financial institutions offering Metavante bill pay now receive the
card option, revenue-generating opportunities and lower total cost
of ownership. They can offer customer benefits, such as same-day
and last-minute payments, which are typically associated with
biller-direct payments. In addition, card-based bill pay
functionality provides another chance to promote a payment card
rewards program and end-user adoption of online bill pay. Maybe
even more importantly, it can turn a financial institution's Web
site into the preferred channel for all their customers' online
payments." By integrating Metavante bill pay processing, Yodlee
strengthens its BillPay offering with enhanced biller connectivity
when users choose to make a payment without a card. Metavante will
be a preferred bill pay processor for ACH and check payments in
these instances. "The winners in this association are the combined
customers of Metavante and Yodlee," said Anil Arora, Yodlee
president and chief executive. "Both Metavante and Yodlee gain
important functionality that enhances and advances their respective
product offerings. Plus, stronger bill pay offerings from both
companies give financial institutions additional revenue-generating
features they can offer their customers, while at the same time
delivering the benefits of card-based payments to end users, which
nearly 50 percent of consumers said they wanted in a recent Aite
Group survey(1)." According to another recent Aite Group report(2),
new technologies and processing arrangements, such as the one
between Metavante and Yodlee, may play a significant role in
shaping the online bill payment landscape. In the same report, Aite
Group also forecasts that, "By 2010, 45 percent of the overall bill
payment industry's revenues will go to participants in the card
processing value chain, up from 34 percent in 2006." About Yodlee
Leading financial institutions trust Yodlee to power critical
online banking applications that increase profitability and drive
more value from the online channel. Yodlee's proven consumer
banking, payments solutions, wealth management and risk management
applications unify all personal financial account information to
deliver a simple, centralized and secure way for consumers to
manage all of their financial tasks - anytime, anywhere. Yodlee
makes financial institutions' Web sites essential to their
customers and generates new revenue opportunities. Over 100 leading
financial institutions and portals, including Ameriprise Financial,
AOL, Bank of America, Fidelity, JPMorgan Chase, Merrill Lynch and
MSN, today offer Yodlee-powered solutions to millions of customers
worldwide. Yodlee operates in the United States and Europe and is
headquartered in Redwood City, California. For more information,
visit www.yodlee.com. 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). (1) Aite Group, "Next-Generation Online
Banking and Bill Pay," Nov. 2006, Gwenn Bezard. (2) Aite Group,
"Online Bill Payments: Chasing the Next Big Thing," Oct. 2006,
Gwenn Bezard. Metavante is a registered trademark of Metavante
Corporation.
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