29 Jun Metavante to buy California software developer
Milwaukee, Wis. – Metavante Corp., the banking and payments technology subsidiary of Marshall and Ilsley Corp., is in the final stages of acquiring VICOR, Inc., a Richmond, Calif.-based provider of corporate payment processing software.
VICOR is being pursued, in part, to enable Metavante to offer enhanced commercial treasury solutions to its client financial institutions so they can address the need to increase processing efficiency and revenue, according to Frank Martire, president and CEO of Metavante.
The California company’s software also will provide Metavante with the opportunity for growth in the large bank market, which requires complex payments and receivable processing. With VICOR’s receivable information delivery system (RIDS), an organization can establish rules-based criteria that automate the record keeping, reconciliation, and disbursement of a deposit into multiple accounts and systems of record.
VICOR also provides a payment and documents automation platform that supports the specialized government processing contracts of several of its large bank customers.
“A hosted version would also enable our clients to offer their corporate customers an automated processing solution, which includes remote distributed capture for deposits and payments,” stated Paul Danola, president of Metavante Financial Solutions Group.
The acquisition, expected to close in the third quarter, is not expected to impact the financial results of Metavante or M&I.
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