Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced that INTRUST Bank has expanded its relationship with Metavante to include investment and trust technology and full trust operations outsourcing through Marshall & Ilsley Trust Company N.A. (M&I Trust).
According to the agreement, Metavante will provide INTRUST with full trust operations outsourcing services through M&I Trust, which will assume responsibility for INTRUST Bank's back-office operations using Metavante's TrustDesk technology. INTRUST will install the Metavante TrustDesk workstation to streamline its daily procedures and gain a greater ability to drive internal efficiencies.
"Our business model calls for the outsourcing of trust technology and operations and we depend upon our provider to work closely with us and address our needs quickly if we're going to continue to grow and compete effectively in the expanding wealth management market," said Rodney D. Pitts, executive vice president and manager, INTRUST Bank Private Wealth Management. "Throughout our relationship, Metavante has delivered flexible and innovative solutions to help us improve our operating productivity and foster better client relationships. Extending this relationship even further through our latest trust processing agreement with M&I Trust will allow us to concentrate on building client relationships, product advancement, as well as new business development."
Since 1995, Metavante has been providing INTRUST with a comprehensive suite of banking and payment technology services, including financial account processing, electronic banking, electronic presentment and payment, electronic funds transfer and card, and customer relationship management tools.
"The competitive win of INTRUST, along with our overall success in 2005 is a firm affirmation by the marketplace of Metavante's and M&I Trust's ability deliver a wide range of trust services for any size financial institution. Metavante's technology and expertise is providing the answer to complex operating challenges to meet each client's distinct service requirements," said Douglas Smith, senior vice president and general manager, Metavante Investment Technology Services. "INTRUST has long been an industry innovator in business management and the development of new wealth management capabilities. Our technology will be at the backbone of INTRUST's process and our TrustDesk solution will help INTRUST deliver superior customer service at the advisor level."