Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Lake City Bank (Nasdaq Global Select/LFKN) has selected the new Remittance On-Demand hosted receivables processing platform as its advanced retail and wholesale receivables management solution.
Remittance On-Demand is a strategic product line expansion to the highly successful VICOR receivables processing solution that is deployed and operated by a number of the largest financial institutions in the United States.
Lake City Bank focuses on the commercial banking segment and has built a reputation for providing commercial clients with technology-driven treasury management solutions while remaining a local, community-focused bank.
Remittance On-Demand is a managed service offering built on the industry-recognized VICOR receivables processing solution, from Metavante's Image Solutions division, which processed nearly $1.7 trillion in transactions at financial institutions including six of the top 10 U.S. banks in 2006. Lake City Bank's deployment of Remittance On-Demand allows the bank to place less emphasis on IT operations and more focus on business growth. Additionally, Remittance On-Demand will enable the bank to expand and improve its existing receivables business by leveraging industry-leading features such as automated keying, consolidated output delivery and advanced payment and supplemental document processing capabilities.
"Lake City Bank was looking to expand our receivables management services and to remain a leader in technology-driven cash management products. By introducing Remittance On-Demand we can expand our suite of products with existing prospects and clients, enhance our reputation in the cash management segment and grow revenue," said Douglas R. Samuel, CTP, vice president and manager of cash management of Lake City Bank.
"The benefit of the Remittance On-Demand product is that organizations can offer advanced receivables functionality with an outsourced pricing structure that requires minimal dedicated infrastructure investment," said Brian Hurdis, president, Metavante Image Solutions. "This solution provides opportunity for banks to obtain fee-based revenue margins and reduce operating expenses while deploying one of the most sophisticated receivables platforms on the market."
Remittance On-Demand offers 24/7 availability and support with redundant backup and full disaster recovery.
The Metavante-hosted model provides the technology for the addition of emerging receivables products, such as healthcare and government forms processing, by equipping banks with the ability to more quickly and easily introduce new services to their client base and target new customers.
Metavante Image Solutions provides comprehensive solutions that help banks and businesses transition from paper to electronic payments and image processing. Solutions that can be delivered in-house or outsourced include distributed capture, check and remittance processing, fraud detection, as well as document and report management. Customers encompass organizations of all sizes from de novo banks to the world's largest financial institutions and corporations.