Metavante Corporation is to acquire California-based electronic bill presentment and payment (EBPP) application service provider CyberBills, Inc.
CyberBills offers comprehensive bill management services that allow consumers and businesses to view, pay, manage and automate all of their bills - paper or electronic - online.
Metavante is a leading provider of software and services for the financial services industry. The transaction is subject to regulatory approval and is expected to close in June 2001. Terms of the agreement have not been disclosed.
Nancy Langer, president and general manager, Metavante electronic presentment and payment, says clients can give customers the power to view and pay presented bills in a single place within their Internet banking sites. "By adding CyberBills' market-leading consumer service provider (CSP) capabilities, which include scan and pay technology, Metavante is firmly established as the only single-source provider of end-to-end EBPP solutions for consumers and businesses," she says.
Scan and pay technology allows consumers the option to have paper bills scanned and displayed electronically via the Internet, rather than needing the biller's statement to be formatted specifically for electronic presentment.
The deal follows Metavante's recent acquisition of rival electronic bill presentment and payment provider Derivion.