Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Waterfield Bank has signed an expansive agreement with Metavante Corporation, which includes core banking technology and other Metavante-powered products and services.
Waterfield Bank is a leader in financial services for nearly 100 years, with banking operations in California, Indiana and the Washington D.C. metro-area, mortgage loan production offices in Florida, Maryland and New Jersey and online banking capabilities for customers around the world.
As part of the long-term agreement, Waterfield Bank will implement Metavante's Integrated Banking Services (IBS), a comprehensive outsourced core processing platform that meets the strategic needs of financial institutions. Waterfield is implementing an extensive set of banking and payments solutions through Metavante's IBS that includes ATM support, card processing, customer relationship management, electronic banking, electronic payments, electronic funds transfer, imaging services, and participation in the NYCE Network.
Delivered on the same integrated platform, the bank will also use Metavante's Brokered Funds Accounting (BFA) solution to better serve its private label banking clients. BFA is an automated sweep processing engine that enables financial institutions soliciting large deposits to distribute funds among other financial institutions in order to maintain FDIC insurance on all deposits. Through automated calculation and reporting tools that optimize analysis and reserve management, the solution will help Waterfield Bank effectively oversee reservable and investable funds.
Additionally, Waterfield Bank's retail lending subsidiary, Waterfield Mortgage, will leverage Metavante's Web-based mortgage Loan Origination Studio (LOS) and Internet Direct solutions to streamline its entire loan origination platform and deliver additional value to its customers. Fully compatible with Metavante's core banking solution, the LOS solution will allow Waterfield Bank to access existing customer relationship data when creating new loan applications, as well as submitting closed loan data to its core system for processing. Metavante's Internet Direct product enables borrowers and lenders' branch personnel to complete both online loan applications and lead forms that are then electronically submitted to the lender's originator network and processing operation.
"Metavante distinguishes itself amongst its competitors by providing significant functionality that can give banks the flexibility required to focus on growth in a challenging marketplace. For us, the end result will be a common technology platform across Waterfield's entire enterprise to support standardizing our practices and accelerating loan production," said J. Randall Waterfield, co-chief executive officer of Waterfield Bank's holding company. "At a time when many lenders have exited the wholesale market, we are increasing our lending market share and looking to achieve further efficiencies and growth through deployment of Metavante-powered technology."
"In a challenging economic market experiencing continued consolidation, Waterfield is seizing the opportunity to grow its business and fill the void created by challenged competitors," said Jamie Geschke, president, Metavante Banking Solutions. "Waterfield appreciates that in order to profitably grow a business it is imperative to apply integrated technology to increase operational efficiency. Through solutions like Metavante's core processing platform that works in tandem with our Brokered Funds Accounting solution, Metavante continues to demonstrate its leadership position in the financial services industry, efficiently delivering integrated technology solutions to support clients like Waterfield as they grow their business."