Metavante Completes Prime Associates Acquisition
10 February 2005 - 8:05AM
PR Newswire (US)
Metavante Completes Prime Associates Acquisition MILWAUKEE, Feb. 9
/PRNewswire-FirstCall/ -- Metavante Corporation, the financial
technology subsidiary of Marshall & Ilsley Corporation
(NYSE:MI), has completed its acquisition of Clark, N.J.-based Prime
Associates, Inc., a leading international provider of software,
data and services that address the regulatory and compliance
mandate of financial institutions such as anti-money laundering
(AML) regulations. Prime Associates will become a Metavante
subsidiary. "The passage in 2001 of the USA PATRIOT Act gave
further emphasis and requirements to the Bank Secrecy Act for
financial institutions and other firms to increase controls to
monitor monetary transactions," said Frank R. Martire, Metavante
president and chief executive officer. "This acquisition is in line
with our direction to bring the most innovative technology and
comprehensive consulting services to all segments of the financial
services industry by delivering state-of-the-art compliance and
risk management solutions for our clients." About Metavante
Corporation 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, and electronic
presentment and payment. Headquartered in Milwaukee, Metavante (
http://www.metavante.com/ ) is wholly owned by Marshall &
Ilsley Corporation (NYSE:MI). DATASOURCE: Metavante Corporation
CONTACT: Chip Swearngan of Metavante Corporation, +1-414-357-3688,
Web site: http://www.metavante.com/
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