MILWAUKEE–(BUSINESS WIRE)–Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Chicago-based Corus Bank, N.A. has entered into an extensive agreement with Metavante for fully outsourced core processing services. Corus Bank, N.A., the wholly owned banking subsidiary of Corus Bankshares, Inc., has elected the Metavante Integrated Banking Solution (IBS) to include customer relationship management, data warehouse and electronic funds transfer and card services. In addition, Corus Bank will be deploying Metavante’s integrated electronic banking and bill payment solution to enhance its customers’ online banking capabilities, such as receiving, viewing, paying and organizing bills and statements electronically.
“After careful due diligence, we have determined that Metavante is the best core processing partner for Corus Bank to work with going forward. We believe Metavante’s complete product offerings and dedicated management team will provide our company with the resources it needs to serve our customers and profitably grow our business,” said Robert J. Glickman, president and chief executive officer, Corus Bank, N.A.
From 1998 to 2004, Metavante provided Corus Bank with a suite of products and services for its 11 bank branches located in the Chicago metropolitan area. Continued Glickman, “The scalability of Metavante’s banking solutions also played a big role in our decision to return to Metavante’s Integrated Banking Solution. We’ve experienced significant growth over the years and needed a core processing system that can support our data processing needs for the future.”
Through its multiple-service relationship, Corus Bank is also leveraging a broad set of products from Metavante’s Image Solutions. DirectMerchant, Metavante’s distributed image capture solution, allows Corus Bank’s business and commercial customers the convenience of performing electronic check deposits directly to the bank. Corus Bank is also benefiting from Metavante’s VisionIP: Check 21. Additionally, Corus Bank has implemented both Positive Pay and Internet Positive Pay to enhance check fraud detection for the bank’s treasury and cash management clients.
“The breadth and comprehensiveness of our products, allows Metavante to be a one-stop shop for Corus Bank’s banking needs,” said Frank R. Martire, president and chief executive officer, Metavante Corporation. “With the broad range of banking and payments solutions we offer today, we’re a different company than we were three years ago. As a strategic provider to clients like Corus Bank; we focus on the needs of every client so they can successfully achieve their goals.”
Metavante Banking Solutions offers one of the most comprehensive sets of integrated products and services for financial service providers that are centered on core customer and account management, specializing in deposit, loan and trust accounts. Metavante also provides its clients flexibility in choosing either a licensed, in-house or an outsourced solution. The Metavante Banking Solutions include core account processing, fully integrated delivery channels, business and marketing analytics, electronic banking, integrated payments, image, risk and compliance solutions, along with business and technology consulting. Metavante Banking Solutions serve over 1,500 financial services providers, ranging from community banks to the top 50 U.S. banks.
About Corus Bankshares, Inc.
Corus Bankshares, Inc. is a bank holding company headquartered in Chicago, Illinois. Corus conducts its banking operations through its wholly-owned banking subsidiary Corus Bank, N.A. (the “Bank”). The Bank is an active commercial real estate lender nationwide, specializing in condominium, hotel, office and apartment loans. As of the most recent period-end, Corus’ outstanding commercial real estate loans and construction commitments totaled $8.4 billion. Corus Bank and its holding company, Corus Bankshares, will together hold loans of up to $200 million and will seek to syndicate larger transactions. Corus’ common stock trades on the NASDAQ Global Select Market tier of The NASDAQ Stock Market under the symbol: CORS.
About Metavante
Metavante Corporation delivers banking and payments technologies to over 8,600 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, electronic presentment and payment, and business transformation services. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE:MI).
