SOURCE: Metavante Corporation

October 04, 2005 08:00 ET

Metavante Gains Electronic Bill Pay Momentum With New UMB Contract

MILWAUKEE, WI -- (MARKET WIRE) -- October 4, 2005 -- Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced a long-term agreement making Metavante the electronic presentment and payment (EPP) provider to UMB Financial Corporation (NASDAQ: UMBF). Banking subsidiaries of the holding company include $6 billion UMB Bank, N.A., based in Kansas City, Mo.

"UMB has detailed strategies in place to increase customer adoption of bill pay," said Tom Mathis, senior vice president, UMB Consumer Services. "Metavante electronic presentment and payment and its implementation team showed the flexibility and expertise to integrate Metavante EPP to our exact specification -- putting a payments tool in place that supports our growth objectives."

Under terms of the agreement, Metavante will process online bill payments originated by UMB customers on its scalable payments engine. UMB will manage its bill pay Web site and data warehouse, where it will maintain control of user profiles and scheduled payments.

UMB's existing relationship with Metavante includes data interchange and automated cash concentration services for corporate bank customers. In addition, UMB works with VECTORsgi, a Metavante company, for image-based exceptions tools and other Check 21 imaging solutions.

"UMB choosing Metavante bill pay goes beyond expanding our relationship," said Frank D'Angelo, president and chief operating officer, Metavante Payment Solutions Group. "The variety of Metavante products and services implemented by UMB thus far validates our growth strategy: to build, whether organically, through acquisition or partnership, financial technology capabilities that provide Metavante clients with a competitive edge."

Metavante Electronic Presentment and Payment (EPP) is an industry technology leader providing a complete end-to-end solution supporting the entire life of the bill. Its document composition software, CSF® Designer, is the premier customer communications tool for over 400 clients representing various industries. Metavante provides innovative bill publishing and bill consolidation technology that generates millions of monthly payments and serves both biller and financial markets. Serving over 3,000 clients, the reliable and scalable Metavante presentment and payment engines enable businesses and consumers to present everything and pay anyone, anywhere, anytime.

About UMB

UMB Financial Corporation is a multi-bank holding company headquartered in Kansas City, Mo., offering complete banking and related financial services to both individual and business customers. Its banking subsidiaries own and operate 138 banking centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma and Nebraska in addition to a loan production office in Arizona. Subsidiaries of the holding company and the lead bank, UMB Bank, n.a., include an investment services group based in Milwaukee, Wis., a trust management company in South Dakota and single-purpose companies that deal with brokerage services, consulting services and insurance.

About Metavante

Metavante Corporation delivers banking and payment 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 health care payments, and electronic presentment and payment. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI).

Contact Information

  • Contact:
    Chip Swearngan
    Metavante Corporation
    414-357-3688
    Email Contact

    Pam Blase
    UMB Financial Corporation
    816-860-5606
    Email Contact