News

Carreker licenses cash management software to Metavante

January 7, 2003

DALLAS and MILWAUKEE, Wis. - Carreker Corporation (Nasdaq: CANIE), a provider of technology and consulting solutions for the ATM and financial industries, and transaction processor Metavante Corporation, a subsidiary of Marshall & Ilsley Corporation (NYSE: MI), have signed an agreement under which Carreker will license its Integrated Cash Operations Modules (iCom) software to Metavante.

Metavante will begin promoting and distributing iCom to its financial institution clients in the first quarter of 2003, according to a news release. More than 500 regional and community banks outsource their core operational and management functions to Metavante, according to the release.

Metavante, which already offers Carreker's ReserveLink, FraudLink On-Us and FraudLink Deposit software as part of an integrated suite of technology services, is the first company licensed to resell Carreker's iCom solution.

"By making iCom readily available to these institutions, we are significantly expanding the market potential and vertical reach of our Cash & Logistics solutions," said J. D. (Denny) Carreker, chairman and chief executive of Carreker Corporation, in the release.

"Our clients are increasingly concerned about potential inefficiencies and customer dissatisfaction resulting from ineffective cash inventory management," said Jamie Geschke, senior vice president and general manager, Metavante Financial Technology Services.  "Through our relationship with Carreker, community banks can realize the benefits of iCom's advanced cash management capabilities as part of their standard monthly outsourcing service."

Carreker's Internet-enabled, enterprise wide iCom solution helps banks and their service providers manage cash levels for branches, ATMs, vaults and third-party cash depots. According to the release, iCom has been endorsed by the American Bankers Association as a solution that helps financial institutions, particularly mid-sized and community banks, improve profitability.

Brian Evetts, managing director of Carreker's Cash & Logistics Solutions, said in the release, "iCom users have historically been able to reduce overall cash inventories by 20 percent to 40 percent, while improving transportation schedules, lowering cash handling costs and increasing the overall productivity and efficiency of the cash inventory management process."