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Metavante completes purchase of check processing firm

MilwaukeeMetavante Corp. said it has bought all outstanding stock of Texas-based VectorSGI, which makes software that handles bank transactions and check image processing.

Metavante, a subsidiary of Marshall & Isley Corp, said in October that it would buy VectorSGI’s stock for $100 million, making the software company into a wholly owned subsidiary. The move followed Metavante’s acquisition of Advanced Financial Solutions, another company that works on electronic check imaging.

The purchases improve its position to support electronic banking transactions under the Check 21 law, which allows banks to exchange money based on digital images of checks in place of the paper copies. This can speed up transactions by allowing funds to be transferred before the postal delivery and sorting of checks.

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