Metavante delivers receivables lockbox processing system on Red Hat

Source: Metavante Corporation

Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced the release of the first receivables lockbox processing solution from its Commercial Treasury Solutions division built on the Red Hat Enterprise Linux platform.

This development is designed to extend the reach of the solution by lowering the total cost of ownership, enhancing performance and employing stricter security standards.

The VICOR RIDS product is an advanced and highly successful receivables processing solution from Metavante's VICOR business unit, a leading provider of solutions that optimize the processing of complex payments.

"Our current clients, prospective new users, as well as our own internal processing units at Metavante are continually faced with the need to better optimize total cost of ownership," said Gary Kasik, president, Metavante Commercial Treasury Solutions, "Making VICOR RIDS available on Red Hat Enterprise Linux is a logical next step in the evolution of the product because a robust architecture will help customers achieve unparalleled processing efficiencies."

Detailed benefits of VICOR RIDS 9.0 include:
  • Lower Cost of Ownership: Support and security updates are streamlined, hardware is certified and leading enterprise storage and backup utilities are easily integrated.
  • Enhanced Performance, Data Integrity and Recovery: Multi-core processors, which can yield a 50 percent increase in performance, are now supported as are a wider range of hardware devices. Read and write support mechanisms are enhanced. Storage and backup on large Redundant Array of Independent Disks (RAID) partitions are made easier.

"VICOR RIDS platform already holds the lead position in the area of lowest operating costs of any commercial payments processing solution," said Bob Kirk, president, VICOR, a Metavante Commercial Treasury Solution. An independent study last year by Treasury Strategies, a Treasury consulting firm, showed that processors deploying the VICOR RIDS platform outperformed industry medians. Continued Kirk, "With this latest development, we expect to further distance ourselves from competitors and other providers as we continue our focus on reducing the total cost of processing forr our commercial banking clients."

"A complex payments solution that processes trillions of dollars in transactions each year requires an extremely secure, high performing operating system," said Tim Yeaton, senior vice president of Enterprise Solutions at Red Hat. "VICOR clearly sets itself apart in the receivables arena by making RIDS available on a commercially available open source platform that is increasingly being adopted by leading companies around the globe."

Metavante Commercial Treasury Solutions provide the technology and related outsourcing services to allow commercial clients to manage their cash and investments, as well as certain income statement items. Metavante's systems provide full accounting and reconciliation for such transactions, serving as the system of record and providing full regulatory compliance, risk assessment and fraud management tools. Metavante helps 18 of the top 25 commercial banks in the United States meet the financial services and payment processing needs of thousands of large corporations, middle market commercial firms and small businesses. Metavante's comprehensive set of services addresses the financial service needs companies face in dealing with their corporate and retail customers, employees and commercial vendors and suppliers.

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