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Metavante Corporation, the banking and payments
technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), has
completed its acquisition, announced in June, of VICOR, Inc., of
Richmond, Calif. The company will become a Metavante subsidiary within
the company's Commercial Treasury Solutions division.
VICOR, a leading provider of corporate payment processing
software, will enhance Metavante's existing commercial treasury
offerings with the addition of a suite of solutions that optimize the
processing of complex payments. VICOR's flagship product, Receivable
Information Delivery System, (RIDS), is an industry leading remittance
system that delivers wholesale, retail and scannable payment
processing functionality on a single platform.
A recently released independent research report by Treasury
Strategies, Inc., concluded that lockbox providers deploying VICOR's
RIDS platform achieved performance superior to industry medians, on a
per-item basis, as compared to non-VICOR platforms. Key findings
included a 70 percent decrease in direct costs, an eight times greater
gross margin increase, 70 percent higher throughput levels, and more
than double the rate of keystroke productivity.
Metavante Commercial Treasury Solutions provide the technology and
related outsourcing services to allow a financial institution's
commercial clients to manage their cash and investments, as well as
certain income statement items. Metavante's systems provide full
accounting and reconciliation for such transactions, serving as the
system of record and providing full regulatory compliance, risk
assessment and fraud management tools. Metavante's solutions are used
by approximately 90 percent of large commercial banks in the United
States to meet the financial services and payment processing needs of
thousands of large corporations, middle-market commercial firms and
small businesses.
About Metavante
Metavante Corporation delivers banking and payments technologies
to financial services firms and businesses worldwide. Metavante
products and services drive account processing for deposit, loan and
trust systems, image-based and conventional check processing,
electronic funds transfer, consumer healthcare payments, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE:MI).
Metavante is a registered trademark of Metavante Corporation;
VICOR and RIDS are registered trademarks of VICOR, Inc.