Source: Metavante Corporation
Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that First National Security Company has signed a long-term agreement for core processing services from Metavante Banking Solutions—Bankway.
With assets exceeding $850 Million, First National Security Company is headquartered in DeQueen, Ark.
Bankway, Metavante's licensed, in-house core banking software, is a single, customer-centric database that allows bank personnel to complete transactions at the point of service. Financial institutions can easily tailor their products and services to meet the unique demands of their market, while reducing the high costs associated with custom programming. Additionally, Bankway's open system design allows for seamless integration with third-party surround systems such as Internet banking and voice response systems.
"As we strive to build an organization that can expand both in terms of asset size and geography, we wanted a partner that could support our growth fully. Bankway's scalable architecture will allow us to grow without the need to convert to another package." said Ray Mashburn, vice president, First National Security Company. "In addition to satisfying all of our business objectives, Bankway offered us a very predictable cost of ownership with their asset-based price model. These stabilized costs give our bank a clear vision of the solution cost today, and in the future."
Unique in the industry, Bankway's pricing is based on a bank's asset size, which is adjusted for growth. Since there are no additional charges for services such as support, new features, or regulatory changes, financial institutions can more easily predict their cost of ownership.
"First National Security's selection of Bankway as their core processing system confirms our market value of providing world-class customer service, unparalleled core system feature function, a 'no surprises, all-inclusive core licensing model' and predictable cost pro forma," said Rachel Landrum, president, Metavante Banking Solutions—Bankway. "We are looking forward to serving as First National Security's strategic technology provider in the years to come."