Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Chicago-based Corus Bank, N.A. has entered into an extensive agreement with Metavante for fully outsourced core processing services.
Corus Bank, N.A., the wholly owned banking subsidiary of Corus Bankshares, Inc., has elected the Metavante Integrated Banking Solution (IBS) to include customer relationship management, data warehouse and electronic funds transfer and card services. In addition, Corus Bank will be deploying Metavante's integrated electronic banking and bill payment solution to enhance its customers' online banking capabilities, such as receiving, viewing, paying and organizing bills and statements electronically.
"After careful due diligence, we have determined that Metavante is the best core processing partner for Corus Bank to work with going forward. We believe Metavante's complete product offerings and dedicated management team will provide our company with the resources it needs to serve our customers and profitably grow our business," said Robert J. Glickman, president and chief executive officer, Corus Bank, N.A.
From 1998 to 2004, Metavante provided Corus Bank with a suite of products and services for its 11 bank branches located in the Chicago metropolitan area. Continued Glickman, "The scalability of Metavante's banking solutions also played a big role in our decision to return to Metavante's Integrated Banking Solution. We've experienced significant growth over the years and needed a core processing system that can support our data processing needs for the future."
Through its multiple-service relationship, Corus Bank is also leveraging a broad set of products from Metavante's Image Solutions. DirectMerchant, Metavante's distributed image capture solution, allows Corus Bank's business and commercial customers the convenience of performing electronic check deposits directly to the bank. Corus Bank is also benefiting from Metavante's VisionIP: Check 21. Additionally, Corus Bank has implemented both Positive Pay and Internet Positive Pay to enhance check fraud detection for the bank's treasury and cash management clients.
"The breadth and comprehensiveness of our products, allows Metavante to be a one-stop shop for Corus Bank's banking needs," said Frank R. Martire, president and chief executive officer, Metavante Corporation. "With the broad range of banking and payments solutions we offer today, we're a different company than we were three years ago. As a strategic provider to clients like Corus Bank; we focus on the needs of every client so they can successfully achieve their goals."