Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced that Chesapeake Bank has migrated to Metavante for merchant processing and related services. Chesapeake Bank, headquartered in Kilmarnock, Va., is a subsidiary of Chesapeake Financial Shares, Inc. (NYSE: CPKF) with assets exceeding $340 million.
From its comprehensive Payments Solutions Group, Metavante is providing Chesapeake Bank with merchant processing services, including settlement and accounting solutions, fraud detection and online tools to help Chesapeake's merchants better manage their businesses. In addition, these services are enabling Chesapeake Bank to more efficiently handle its merchant portfolio.
"Chesapeake Bank has over 600 merchants in its portfolio, which is a significant number for a community bank like ourselves," said Bryan Edmonds, vice president, director of business services, Chesapeake Bank. "It was essential we partner with an organization that can sustain the rapid growth of our merchant portfolio while providing the service and technology capability to meet our strategic growth objectives."
"This merchant processing agreement represents Metavante's ability to help a financial institution like Chesapeake Bank meet its aggressive growth objectives," said Frank D'Angelo, senior executive vice president and group executive, Metavante Payments Solutions Group. "Metavante has assembled a complete payment solution with the most comprehensive set of card processing and remittance services available in the industry today."