Cathay Bank renews Metavante core banking deal

Source: Metavante

Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Cathay Bank has expanded its relationship with Metavante through the signing of a long-term core banking agreement.

Headquartered in Los Angeles with assets exceeding $10.4 billion, Cathay Bank was founded by Chinese-Americans and currently has 50 branches in the United States, with operations in 7 states and 38 cities. In Greater China, it has a branch in Hong Kong and representative offices in Shanghai and Taipei.

Cathay Bank has renewed its Bankway software agreement, marking a continuation of its 17-year core processing relationship with Metavante. The agreement also included document imaging solutions and the implementation of the Prime Compliance Suite, Metavante's fraud prevention solution for anti-money laundering. The bank may also look to Metavante products and services to support future business needs and requirements.

“Through our continuous efforts to provide our customers with the best possible service, we performed an extensive analysis among the leading providers in the industry to see who could best assist with our domestic and global growth initiatives. We believe Metavante can provide the best solution to meet our particular short and long-term strategic goals,” said Bob Romero, senior vice president and chief information officer, Cathay Bank.

Bankway software is a comprehensive core banking package that uses a single-system, customer-centric architecture. It offers financial institutions an expanded core processing solution with the advantage of strategically organized customer service tools. Bankway software is available as an in-house solution running on multiple hardware platforms, or in a hosted environment.

“Leveraging an expanded suite of Metavante products and services will allow Cathay Bank to streamline its processes, promoting enhanced operational efficiencies within the organization,” said Rachel Landrum, president, Metavante Banking Solutions – Bankway. “As we continue our valued relationship, Metavante is committed to providing Cathay Bank with the flexible, lexible, scalcacalable business automation environment needed to help the bank achieve its expansion goals."

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