STRATEGIC PARTNERS
May 23, 2002
MILWAUKEE, Wis. -- Banknorth Group (Nasdaq:BKNG), one of the country's 35 largest commercial banking companies, has signed a long-term agreement with Metavante Corporation for a suite of EFT and card products, including ATM management, transaction routing and switching along with PIN-based card transaction processing.
Banknorth has more than 400 ATMs and more than 800,000 ATM and debit cards. Metavante, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), currently provides Banknorth with trust processing from its wealth management division. Metavante anticipates completing the Banknorth conversion to its EFT and card platform in the fourth quarter of 2002.
In addition to meeting Banknorth's service, feature and usability criteria, Metavante also offered features like Web-based ATM monitoring, said William J. Ryan, president and chief executive officer of Banknorth Group, in a news release.
Metavante provides EFT and card services to approximately 1,600 financial services providers in the United States. Metavante links with all major EFT networks, gateways and processors to route and authorize ATM and debit card transactions for banks, credit unions, Internet banks and ISOs.
