Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that M&I Marshall & Ilsley Bank (M&I Bank) has selected Metavante Corporation for branch capture technology. Founded in 1847, M&I Bank is headquartered in Milwaukee.
M&I Bank will deploy Metavante's Direct Branch solution at its 375 locations in eight states, allowing the bank to image-capture checks at the back counter of each branch office. Capturing image transactions at the point of presentment will enable M&I Bank to capitalize on the cost savings from check image exchange and electronic clearing and settlement. Already using Metavante's Direct Merchant platform to image-capture check payments for its corporate and merchant customers, the implementation of the Direct Branch solution will further streamline M&I Bank's check image capture, transaction balancing and clearing process.
The agreement marks an expansion of the bank's extensive relationship with Metavante. M&I Bank uses many Metavante banking and payment products and services, including: core processing, ATM support, biller direct payments, customer relationship management, electronic banking, card processing, wealth management, risk and compliance, card personalization, electronic payments, healthcare payments, lending, merchant processing and participation in the NYCE Payments Network.
"Direct Branch integrates with our existing check processing system, and provides a direct path to truncation and check image exchange," said John Roberts, senior vice president, M&I Bank. "As a result, we will be able to cut operating costs, increase productivity and accelerate transaction processing to deliver same or next-day availability of funds to our customers."
"The check image market is in transition, and financial institutions are looking to lower costs and increase efficiencies. Metavante's enterprise approach to payment solutions is helping financial institutions efficiently navigate these changes with confidence," said Paul Danola, president, Metavante Image Solutions. "Through the bank's deployment of Direct Branch, Metavante continues to provide the bank with comprehensive solutions to automate its payments processing infrastructure and reduce overall cost structure."