Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced it has expanded its Payment Solutions Group by creating two new divisions, forming a new strategic business line focused on prepaid solutions and naming three new division presidents.
Metavante makes these changes to best meet the needs of a transforming client base including traditional financial institutions as well as emerging non-financial institution markets, and also to bolster the company's international efforts.
"As our client base evolves, so too must Metavante. We recognize the competitive need to expand our organizational structure to mirror that of our clients," said Frank D'Angelo, group president, Metavante Payment Solutions. "With this expansion, Metavante has positioned itself to enter new payments markets and introduce new solutions that meet the needs of a changing client base and a payments industry embracing electronic over paper. Our announced entrance into mobile payments and recent expansion of prepaid services provides two key examples."
Metavante has created a new division, Issuing Solutions, which includes a new strategic business line, Metavante Prepaid Solutions. This formation completes an initiative set in motion by the company's January 2007 acquisition of Valutec Card Solutions, Inc., a leading provider of merchant-branded prepaid gift and loyalty card programs to small and mid-size businesses. John Focht, who recently joined Metavante from U.S. Bank, has been named president of the Issuing Solutions division. Within this structure, Metavante offers a broad suite of closed loop (merchant-branded) and open loop (network-branded) prepaid card solutions for expanding markets such as gift, payroll, reward, general-purpose reload, government-benefit and healthcare-benefit prepaid cards. Additional solutions include credit and debit card account processing, prepaid card account processing, call center services and card personalization.
Metavante Acquiring Solutions, the second new division, will be headed by Bruce Hopkins, an 11-year payments executive with Metavante, who has been promoted to division president. A key component of this division will be LINK2GOV, a Metavante company that enables Federal, state ae aate and local government payments, including Federal income tax payments. Merchant processing, ATM driving and acquiring, gateway products, biller-direct payments and payment fraud/risk monitoring round out the products and services within this division.
Jeff Lewis, a 22-year payments executive with Metavante, has been named division president of Metavante ePayment Solutions. This existing division plays a key role in supporting Monitise Americas, the company's recently announced joint mobile payments venture with Monitise plc, the leading European provider of secure mobile banking and payments capability. Monitise Americas operates a mobile payments system in the United States. Metavante ePayments Solutions also provides solutions for consumer bill payments, electronic bill presentment, convenience payments, ACH processing and call center services.
"The ongoing transition to electronic payments has financial institutions, non-financial institution payment providers, merchants and consumers looking for ways to accelerate the movement of funds and reduce costs through alternative payment mechanisms," added D'Angelo. "Metavante has its electronic payment solutions, such as prepaid cards, check imaging solutions and image exchange, mobile payments, ACH, online bill pay and EFT debit in an organizational structure designed to be in-concert with how our clients do business."