Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation, has completed its acquisition, announced in June, of VICOR, Inc., of Richmond, California. The company will become a Metavante subsidiary within the company's Commercial Treasury Solutions division.
VICOR, a leading provider of corporate payment processing software, will enhance Metavante's existing commercial treasury offerings with the addition of a suite of solutions that optimize the processing of complex payments. VICOR's flagship product, Receivable Information Delivery System, (RIDS), is an industry leading remittance system that delivers wholesale, retail and scannable payment processing functionality on a single platform.
A recently released independent research report by Treasury Strategies, Inc., concluded that lockbox providers deploying VICOR's RIDS platform achieved performance superior to industry medians, on a per-item basis, as compared to non-VICOR platforms. Key findings included a 70 percent decrease in direct costs, an eight times greater gross margin increase, 70 percent higher throughput levels, and more than double the rate of keystroke productivity.
Metavante Commercial Treasury Solutions provide the technology and related outsourcing services to allow a financial institution's commercial clients to manage their cash and investments, as well as certain income statement items. Metavante's systems provide full accounting and reconciliation for such transactions, serving as the system of record and providing full regulatory compliance, risk assessment and fraud management tools. Metavante's solutions are used by approximately 90 percent of large commercial banks in the United States to meet the financial services and payment processing needs of thousands of large corporations, middle-market commercial firms and small businesses.
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