Metavante Corporation today announced that Midwest Trust Company, headquartered in Overland Park, Kan., with total assets over $3 billion, has signed a long-term investment technology agreement with Metavante. Metavante, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), will deliver trust processing services to Midwest Trust Company from its investment technology services division.
"Midwest Trust will benefit from Metavante's end client reporting functionality to not only improve their customer service, but to help them increase both market and wallet share," said Kevin O'Rourke, vice president, sales manager, Metavante Investment Technology Services. "Metavante was chosen as Midwest Trust's business partner of choice to understand both its current and future needs to help keep them ahead of their competition from a technology, product and service perspective."
Metavante also announced multi-year contract renewals with several clients for its investment technology services. In 2003, Metavante completed six processing renewal agreements with financial institutions and one in early 2004, whose assets represent over $45 billion, for products and services from its trust and asset management business units. Some of the clients include: Amcore Investment Group, N.A., Rockford, Ill.; Arvest Trust Company, Rogers, Ark.; and Bank of Oklahoma, N.A., Tulsa, Okla.
"Through a solid combination of our innovative technology and the flexibility of our products and services, we have helped these clients achieve success in their ever changing business, customer and market environment," said Douglas Smith, senior vice president and general manager, Metavante Investment Technology Services. "We look forward to continuing our relationships with these valued clients and delivering the superior service they have come to expect."
Metavante Investment Technology Services offers a set of Internet-enabled products and services to more than 200 financial services providers that address the specific needs of the rapidly growing wealthy, affluent, and emerging affluent markets as well as commercial clients. These solutions address asset and liability aggregation, trust and investment account management, client and regulatory reporting, and employee retirement benefit services.