Metavante And Discover Reach Merchant Processing Agreement
MILWAUKEE, Dec. 6, 2007 - Metavante (NYSE: MV), a leading provider of banking and payments technology, today announced Metavante Corporation has signed an agreement with Discover Financial Services (NYSE: DFS) that enables it to offer its merchant clients full-service processing for all Discover Network card transactions. Discover Financial Services operates the Discover Card and Discover Network.
“Our agreement with Discover makes it possible for Metavante to provide integrated processing services for Discover Network and other card associations,'said Bruce Hopkins, division president, Metavante Acquiring Solutions. “Beyond facilitating merchant acceptance of Discover Network card transactions and an enhanced range of point-of-sale payment options, Metavante now offers a streamlined payment processing solution, evolving into a single source for merchant services.'
The Metavante-Discover agreement makes Metavante a convenient source for merchant processing, as it provides consolidated services for card transaction acquiring and processing, settlement, pricing, statements, risk management and customer service. Metavante Merchant Services clients will also receive a single deposit for easier balancing, settlement and monthly reconciliation.
“Consolidated delivery of services like settlement and reporting will help to increase back-office efficiency for Metavante's merchant clients, which will allow them to devote more time to their business,' continued Hopkins. “Metavante's commitment to helping merchant clients grow their business is unwavering, and being able to promote a wider range of payment options within a single merchant processing relationship is the latest example of Metavante Merchant Services adding value to its product offerings.'
Metavante Payment Solutions delivers electronic money movement through an integrated payments network, including an ATM/PIN-debit network in NYCE, mobile banking and payments delivered through NYCE, a check image exchange network in Endpoint Exchange, online bill pay, healthcare payment solutions, a suite of payment cards and automated clearing house (ACH) processing. Metavante can help clients grow revenue by capitalizing on the expanding electronic payments markets, including financial, healthcare and government payments. Metavante offers clients the efficient and integrated resources necessary to offer their customers a broad range of payment options and touch points.
About Discover Financial Services
Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services. The company operates the Discover Card, America's cash rewards pioneer, with more than 50 million card members. Since its inception in 1986, the company has become one of the largest card issuers in the U.S. Its Third-Party Payments business consists of the Discover Network, with millions of merchant and cash access locations, and PULSE, one of the nation's leading ATM/debit networks. Discover also operates the Goldfish credit card business in the United Kingdom. For more information, visit www.discoverfinancial.com.
Metavante Technologies, Inc. (NYSE: MV) is the parent company of Metavante Corporation. 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, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network and provider of mobile financial services. Metavante (www.metavante.com) is headquartered in Milwaukee.