Press Release
VICOR Certifies Receivables Processing Solution on
Red Hat Enterprise Linux
First-ever lockbox solution on Red Hat Enterprise
Linux offers next-generation processor compatibility,
greater efficiencies and tighter security
Contact: Sam Baumgarten
Phone: 678-533-4861
Metavante Corporation
sam.baumgarten@metavante.com
MILWAUKEE, Feb. 27, 2007 – Metavante Corporation,
the banking and payments technology subsidiary of Marshall
& Ilsley Corporation (NYSE: MI), today announced
the release of the first receivables lockbox processing
solution from its Commercial Treasury Solutions division
built on the Red Hat Enterprise Linux platform. This
development is designed to extend the reach of the solution
by lowering the total cost of ownership, enhancing performance
and employing stricter security standards.
The VICOR RIDS product is an advanced and highly successful
receivables processing solution from Metavante’s
VICOR business unit, a leading provider of solutions
that optimize the processing of complex payments.
“Our current clients, prospective new users,
as well as our own internal processing units at Metavante
are continually faced with the need to better optimize
total cost of ownership’” said Gary Kasik,
president, Metavante Commercial Treasury Solutions,
“Making VICOR RIDS available on Red Hat Enterprise
Linux is a logical next step in the evolution of the
product because a robust architecture will help customers
achieve unparalleled processing efficiencies.”
Detailed benefits of VICOR RIDS 9.0 include:
- Lower Cost of Ownership: Support and security updates
are streamlined, hardware is certified and leading
enterprise storage and backup utilities are easily
integrated.
- Enhanced Performance, Data Integrity and Recovery:
Multi-core processors, which can yield a 50 percent
increase in performance, are now supported as are
a wider range of hardware devices. Read and write
support mechanisms are enhanced. Storage and backup
on large Redundant Array of Independent Disks (RAID)
partitions are made easier.
“VICOR RIDS platform already holds the lead
position in the area of lowest operating costs of any commercial payments processing
solution,” said Bob Kirk, president, VICOR, a Metavante Commercial
Treasury Solution. An independent study last year by
Treasury Strategies, a Treasury consulting firm, showed
that processors deploying the VICOR RIDS platform outperformed
industry medians. Continued Kirk, "With this latest
development, we expect to further distance ourselves
from competitors and other providers as we continue
our focus on reducing the total cost of processing for
our commercial banking clients.”
“A complex payments solution that processes
trillions of dollars in transactions each year requires
an extremely secure, high performing operating system,”
said Tim Yeaton, senior vice president of Enterprise
Solutions at Red Hat. “VICOR clearly sets itself
apart in the receivables arena by making RIDS available
on a commercially available open source platform that
is increasingly being adopted by leading companies around
the globe.”
Metavante Commercial Treasury Solutions provide the
technology and related outsourcing services to allow
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 helps 18 of the
top 25 commercial banks in the United States meet the
financial services and payment processing needs of thousands
of large corporations, middle market commercial firms
and small businesses. Metavante's comprehensive set
of services addresses the financial service needs companies
face in dealing with their corporate and retail customers,
employees and commercial vendors and suppliers.
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, electronic presentment
and payment, and business transformation services. Headquartered
in Milwaukee, Metavante is wholly owned by Marshall
& Ilsley Corporation (NYSE: MI).
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