Metavante Integrates Bill Pay and Prepaid Debit
07 November 2006 - 12:00AM
Business Wire
Metavante Corporation, a leader in Internet bill pay services and
prepaid card solutions, today announced the availability of
Metavante Prepaid Bill Payment. This new service makes
bank-sponsored Internet bill pay available to consumers who use
prepaid debit cards as an alternative to traditional checking
accounts and banking relationships. Metavante is the banking and
payments technology subsidiary of Marshall & Ilsley Corporation
(NYSE: MI). By integrating its prepaid debit card fulfillment,
personalization and account processing functionality with its
Internet bill pay platform, Metavante enables financial
institutions to offer an enhanced prepaid debit card program to
their customers, both corporate and consumer. Corporations are
increasingly turning to re-loadable prepaid payroll cards as an
alternative to checks, and a growing number of consumers without
traditional banking relationships are using re-loadable prepaid
cards as their primary payment device. Now, this niche market gains
the same functionality of Internet bill pay formerly reserved for
those with checking accounts, and no longer needs to rely on
non-bank payment mechanisms, such as walk-up bill pay kiosks.
�Integrating existing Metavante products, like prepaid cards and
Internet bill pay, is the latest example of our corporate-wide
focus on delivering products that work together, helping Metavante
position its clients ahead of the pack,� said Frank D�Angelo, group
president, Metavante Payment Solutions. �It�s no secret that
prepaid cards build bridges between the under-served banking
population, their employers and financial institutions. Getting a
big piece of this market opportunity will require a competitive
differentiator, and that is offering corporate clients more than
just a prepaid payroll card program.� According to TowerGroup, a
research and advisory services firm, �banks can improve their
success rate in attracting and retaining customers by designing
products for specific niche markets,� 1 such as the un- and
under-banked. �The benefits of enhanced prepaid card programs don�t
stop with banks and their corporate clients. People who cannot open
a checking account, including consumers and employees, can take
advantage of electronic transactions and another set of options to
handle their banking and bill-paying needs,� added D�Angelo.
Additional TowerGroup research illustrates the limited financial
tools available to the un- and under-banked prior to enhanced
prepaid card solutions: The consumer who is paid with a check, and
does not have a deposit account with a bank, pays a premium first
to cash the payroll check itself and, subsequently, to purchase
money orders to make payments. These consumers bear the full risk
for keeping their assets in cash. 2 How Metavante Prepaid Bill Pay
Works: Cardholder logs onto bank-branded, Metavante-hosted card
website Clicks on �Bill Payment� Seamless transition to
bank-branded, Metavante-hosted bill pay website Cardholder begins
making/scheduling payments (including recurring) and establishing
billers etc. with the freedom to reach any biller �Good funds� �
funds are validated prior to payments being initiated E-mail
notification of confirmed payments sent to card holder 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). 1 TowerGroup,
�Prepaid Cards: The Latest Payment Option,� July 2006, Dennis
Moroney, Senior Analyst. 2 TowerGroup, �Understanding Prepaid and
Stored-Value Payment Products,� Jan. 2005, Dennis Moroney, Senior
Analyst. Metavante is a registered trademark of Metavante
Corporation. Metavante Corporation, a leader in Internet bill pay
services and prepaid card solutions, today announced the
availability of Metavante Prepaid Bill Payment. This new service
makes bank-sponsored Internet bill pay available to consumers who
use prepaid debit cards as an alternative to traditional checking
accounts and banking relationships. Metavante is the banking and
payments technology subsidiary of Marshall & Ilsley Corporation
(NYSE: MI). By integrating its prepaid debit card fulfillment,
personalization and account processing functionality with its
Internet bill pay platform, Metavante enables financial
institutions to offer an enhanced prepaid debit card program to
their customers, both corporate and consumer. Corporations are
increasingly turning to re-loadable prepaid payroll cards as an
alternative to checks, and a growing number of consumers without
traditional banking relationships are using re-loadable prepaid
cards as their primary payment device. Now, this niche market gains
the same functionality of Internet bill pay formerly reserved for
those with checking accounts, and no longer needs to rely on
non-bank payment mechanisms, such as walk-up bill pay kiosks.
"Integrating existing Metavante products, like prepaid cards and
Internet bill pay, is the latest example of our corporate-wide
focus on delivering products that work together, helping Metavante
position its clients ahead of the pack," said Frank D'Angelo, group
president, Metavante Payment Solutions. "It's no secret that
prepaid cards build bridges between the under-served banking
population, their employers and financial institutions. Getting a
big piece of this market opportunity will require a competitive
differentiator, and that is offering corporate clients more than
just a prepaid payroll card program." According to TowerGroup, a
research and advisory services firm, "banks can improve their
success rate in attracting and retaining customers by designing
products for specific niche markets," (1) such as the un- and
under-banked. "The benefits of enhanced prepaid card programs don't
stop with banks and their corporate clients. People who cannot open
a checking account, including consumers and employees, can take
advantage of electronic transactions and another set of options to
handle their banking and bill-paying needs," added D'Angelo.
Additional TowerGroup research illustrates the limited financial
tools available to the un- and under-banked prior to enhanced
prepaid card solutions: The consumer who is paid with a check, and
does not have a deposit account with a bank, pays a premium first
to cash the payroll check itself and, subsequently, to purchase
money orders to make payments. These consumers bear the full risk
for keeping their assets in cash. (2) How Metavante Prepaid Bill
Pay Works: -- Cardholder logs onto bank-branded, Metavante-hosted
card website -- Clicks on "Bill Payment" -- Seamless transition to
bank-branded, Metavante-hosted bill pay website -- Cardholder
begins making/scheduling payments (including recurring) and
establishing billers etc. with the freedom to reach any biller --
"Good funds" - funds are validated prior to payments being
initiated -- E-mail notification of confirmed payments sent to card
holder 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). (1) TowerGroup,
"Prepaid Cards: The Latest Payment Option," July 2006, Dennis
Moroney, Senior Analyst. (2) TowerGroup, "Understanding Prepaid and
Stored-Value Payment Products," Jan. 2005, Dennis Moroney, Senior
Analyst. Metavante is a registered trademark of Metavante
Corporation.
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