Metavante Integrates Bill Pay and Prepaid Debit.Enhanced payment functionality for financial institutions benefits people without traditional banking relationships MILWAUKEE -- Metavante Corporation Metavante is a company that provides financial technology services and software to its customers, consisting primarily of small to large sized financial institutions. The $1.5 billion organization is headquartered in Milwaukee, Wisconsin and employs over 5,600 employees in 35 U.S. , 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 debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. as an alternative to traditional checking accounts and banking relationships. Metavante is the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE NYSE See: New York Stock Exchange : MI). By integrating its prepaid debit card fulfillment, personalization Custom tailoring information to the individual. On the Web, personalization means returning a page that has been customized for the user, taking into consideration that person's habits and preferences. 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 A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. TowerGroup, a research and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal 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 card·hold·er n. One who holds a card, especially a credit card. card  hold 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 bill·er n. One that bills, as: a. A clerk who prepares bills. b. A machine used in preparing bills. * "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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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 See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. , 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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