Banknorth Chooses Metavante EFT And Card Solutions

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Banknorth Chooses Metavante EFT And Card Solutions

Thu, 05/23/2002 - 8:00pm -- tim

Banknorth Group, Inc. (Nasdaq:BKNG), one of the country's 35 largest commercial banking companies, has signed a long-term agreement with Metavante Corporation for a suite of Electronic Funds Transfer (EFT) and Card solutions. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI).
Metavante will provide Banknorth with ATM management, transaction routing and switching along with PIN-based card transaction processing. Banknorth has over 400 ATMs and over 800,000 ATM and debit cards. Metavante currently provides Banknorth with trust processing from its Wealth Management solution. Metavante anticipates completing the Banknorth conversion to its EFT and Card solution in the fourth quarter of 2002.
"Our goal was to find an EFT and card partner that gives us the capability to support and expand our product offerings on a single, high-performance platform," said William J. Ryan, president and chief executive officer, Banknorth Group. "Not only did Metavante meet our service, feature and usability criteria, but they also exceeded them with its state-of-the-art technology that includes features like web-based ATM monitoring."
"We are thrilled to be able to expand Metavante's relationship with Banknorth," said Frank D'Angelo, senior vice president and general manager, Metavante EFT and Card. "Given the scalability of our solution, we are confident we will be able to support the growth objectives and future business strategies of Banknorth."
Metavante is a leading provider of Electronic Funds Transfer and Card solutions, including account processing, merchant servicing, database management, data entry, card personalization, and fulfillment services for debit, credit, stored-value, prepaid, transit, and ATM cards. Metavante provides EFT and card services to approximately 1,600 financial services providers in the United States. Metavante links with all major electronic funds transfer networks, gateways, and processors to route and authorize ATM and debit card transactions for banks, credit unions, Internet banks and independent sales organizations.