Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced that Mercantile Bankshares Corporation (Nasdaq: MRBK) has renewed its merchant processing contract.
"Metavante's client support was key as we evaluated and engaged in the contract renewal process," said Bruce Genther, vice president, Mercantile Bankshares Product Development and Management. "Over a ten-year period, Metavante has supported Mercantile's merchant portfolio growth strategies by reviewing portfolio trends, offering industry guidance and expertise, and staying in close contact."
With a merchant portfolio of nearly 3,000 among 11 banking subsidiaries, Mercantile will continue to look to Metavante for a robust set of merchant processing services, including transactional approval and authorization, settlement and accounting solutions and fraud detection. Online tools from Metavante help both Mercantile and its merchant clients. Mercantile gets features like secure, online merchant statement research capabilities, and merchant clients benefit from Internet access to transaction reporting and other account information.
"Mercantile's extended commitment to our merchant acquiring services speaks to the trust and confidence shared between our two organizations," said Frank D'Angelo, president and chief operating officer, Metavante Payment Solutions Group. "As an extension of our client's business, Metavante empowers Mercantile to successfully execute its merchant growth strategy."
Mercantile also uses Metavante for its Kirchman Bankway financial account processing solution, as well as Metavante image solutions for software to research customer inquiries and make accounting adjustments to deposit accounts.