Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced a long-term agreement making Metavante the electronic presentment and payment (EPP) provider to UMB Financial Corporation (Nasdaq: UMBF).
Banking subsidiaries of the holding company include $6 billion UMB Bank, N.A., based in Kansas City, Mo.
"UMB has detailed strategies in place to increase customer adoption of bill pay," said Tom Mathis, senior vice president, UMB Consumer Services. "Metavante electronic presentment and payment and its implementation team showed the flexibility and expertise to integrate Metavante EPP to our exact specification – putting a payments tool in place that supports our growth objectives."
Under terms of the agreement, Metavante will process online bill payments originated by UMB customers on its scalable payments engine. UMB will manage its bill pay Web site and data warehouse, where it will maintain control of user profiles and scheduled payments.
UMB's existing relationship with Metavante includes data interchange and automated cash concentration services for corporate bank customers. In addition, UMB works with VECTORsgi, a Metavante company, for image-based exceptions tools and other Check 21 imaging solutions.
"UMB choosing Metavante bill pay goes beyond expanding our relationship," said Frank D'Angelo, president and chief operating officer, Metavante Payment Solutions Group. "The variety of Metavante products and services implemented by UMB thus far validates our growth strategy: to build, whether organically, through acquisition or partnership, financial technology capabilities that provide Metavante clients with a competitive edge."