Press Release
Metavante Completes VICOR Acquisition
Contact: Sam Baumgarten
Phone: 678-533-4861
Metavante Corporation
sam.beaumgarten@metavante.com
MILWAUKEE, Sept. 1, 2006 – 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 VICOR, Inc.
VICOR, Inc. is the leading provider of solutions that
optimize the processing of complex payments for businesses
and financial institutions. By managing multiple payment
types and formats across diverse distribution channels,
VICOR helps businesses and financial institutions save
time and money, attract new customers, generate revenue,
and leverage existing technologies. In 2005, VICOR’s
solutions processed over $1.4 trillion in payment volume,
222 million payment transactions and 335 million payment
related documents. VICOR is headquartered in Richmond,
CA. For more information about VICOR and its solutions,
contact 510-621-2000 or visit www.vicor.com.
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).
The Metavante trademark is the intellectual property
of Metavante Corporation. VICOR and RIDS are registered
trademarks of VICOR, Inc.
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