Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Bank of Marin Bancorp (Nasdaq:BMRC) has deployed Metavante Corporation's hosted solution for advanced wholesale and retail receivables management.
Established in 1990, Bank of Marin is headquartered in Novato, Calif. and offers deposit, lending and wealth management services.
The implementation of Metavante's RemitPoint solution provides Bank of Marin with a centralized image-based remittance processing service. The solution allows the bank to remain in control of the strategic aspects of its image lockbox offering, while outsourcing back-end operations and transaction processing. Managed in a secure data center, the RemitPoint solution provides the bank with keying, image transmission and web output services, allowing the bank to actively market new lockbox services to its corporate customer base. As a result, Metavante will support the bank in increasing new revenue potential and transaction value, as well as measurably reducing operating costs and improving operational efficiency.
"Bank of Marin has a long-standing reputation of strength and stability in the industry, and throughout our 18-year relationship, Metavante has consistently proven that they share these attributes," said Michael Besselievre, executive vice president and chief information officer, Bank of Marin. "In the search for a remittance solution that best fit our needs, Metavante offered an industry-leading platform on a hosted basis-providing us with the best combination of control over the product and a workable business case."
A Metavante client since 1991, the bank uses a number of products and services powered by Metavante technology, including: core processing, customer relationship management, ATM support, electronic banking, card processing, card personalization, loan processing, wealth management, risk and compliance, electronic payments, electronic funds transfer, merchant processing and participation in the NYCE Payments Network.
"Many financial institutions are looking to grow their receivables lockbox business, but are constrained due to costly and labor-intensive operations. Backed by years of experience in delivering reliable transaction processing services in mission-critical environments, RemitPoint enables institutions like Bank of Marin to improve their competitive position by leveraging the efficiency of a lockbox solution built on a proven platform that processed 337 million transactions in 2008," said Paul Danola, president, Metavante Image Solutions.
Metavante's image solutions provide comprehensive solutions that help institutions 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 start-up organizations to the world's largest financial institutions and corporations.