Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Volkswagen Bank USA, a wholly owned subsidiary of VW Credit, Inc., has signed a long-term agreement with Metavante.
Under the contract, Metavante will provide banking and payment services including financial account processing and customer relationship management, electronic banking, and electronic funds transfer and card services.
"It is essential we partner with a provider that understands the importance of leveraging Volkswagen and is committed to helping us uphold our image in the marketplace," said Glen Jones, chief risk and operations officer, Volkswagen Bank USA. "Leveraging Metavante's bank technology and transaction processing infrastructure, we will be better positioned to offer our customers additional financial services and products that will be, conveniently accessed, and uniquely packaged to appeal to our loyal Volkswagen drivers, as well as to Volkswagen enthusiasts and prospective customers."
With over $513 million in assets, Volkswagen Bank USA has been in operation since January 2002 and offers traditional loan products to current and prospective owners of Volkswagen vehicles. After implementing the Metavante solution, Volkswagen Bank USA offerings will include a full range of deposit services including certificate of deposit and negotiable order of withdrawal accounts, consumer electronic banking, online bill payment and ATM and debit card services.