21 August 2017
visit www.avoka.com

Metavante to acquire Paytrust

02 July 2002  |  2599 views  |  0 Metavante to acquire Paytrust

Metavante Corporation is to acquire the assets of Paytrust, a New Jersey-based privately held online bill management company. Financial terms were not disclosed.

Through this acquisition, Metavante plans to consolidate its consumer service provider (CSP) operations onto one technology platform.

Joseph Delgadillo, Metavante president and chief executive officer, says: "The acquisition further demonstrates our significant commitment to the bill presentment and payment market, allowing us to add Paytrust's customers to those already using our electronic payment services."

The Paytrust CSP offerings include both electronic and scan-and-pay presentment of bills, invoices and statements, coupled with 'pay anyone' functionality. The company has developed proprietary technology including SmartBills, a bill aggregation tool now for 33 direct biller Web sites, representing 50 electronic billers; and SmartBalance, an online cheque register now connected to more than 200 financial institutions.

Integration costs resulting from the acquisition, primarily related to operating duplicate platforms for a limited period of time, are anticipated to be approximately $6 million after tax, and will be incurred over approximately nine months following the transaction. The acquisition is expected to be accretive to Metavante earnings in 2003.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Wells Fargo adds CheckFree to EBPP service

Wells Fargo adds CheckFree to EBPP service

19 June 2002  |  5188 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.vasco.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11113 views comments | 25 tweets | 23 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9344 views 0 | 5 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
9304 views comments | 21 tweets | 28 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9090 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
8950 views comments | 10 tweets | 8 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job