Haris Ashley
Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation, provides banking and payment technologies to financial services firms and businesses worldwide. The company offers a range of products and services, including account processing for deposits, loans, and trust systems, as well as electronic funds transfer and payment processing. With a presence in 35 U.S. cities and a history of acquisitions, Metavante's role in the financial industry is well-established. However, it is unclear if Metavante is federally insured, and further investigation into this specific aspect is warranted. This paragraph introduces the topic of Metavante and sets the context for exploring the question of whether the company is federally insured.
| Characteristics | Values |
|---|---|
| Company Name | Metavante Corporation |
| Parent Company | Metavante Technologies, Inc. |
| Services | Banking and payment technologies, financial technology services, software, financial services regulatory advice, and consulting |
| Customers | Small to large-sized financial institutions, over 8,000 financial services firms and businesses worldwide |
| Headquarters | Milwaukee, Wisconsin |
| Number of Employees | Over 5,600 employees in 35 U.S. cities |
| Acquisitions | NYCE Payments Network, VICOR, Inc., VECTORsgi, Advanced Financial Solutions, and others |
| Notable Products | MBI Benefits Card, ATM network development, online banking products, credit and debit card processing |
| Stock Symbol | MV |
| Notable Shareholders | Marshall & Ilsley Corporation, Warburg Pincus |
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What You'll Learn
Metavante's acquisition by Fidelity National Information Services
Metavante Technologies, Inc., a financial technology services provider, was acquired by Fidelity National Information Services (FIS) on October 1, 2009, for about $2.94 billion in stock. The acquisition created the world's largest provider of integrated payment and financial processing services, with a pro forma enterprise value of about $10 billion and a presence in 23 countries.
Prior to its acquisition by FIS, Metavante had a long history in the financial technology industry. It was originally formed as M&I Data Services in 1964 as a subsidiary of the Marshall & Ilsley Corporation. In 2000, M&I Data Services changed its name to Metavante and, in 2007, it became an independent publicly traded company on the New York Stock Exchange under the symbol "MV". Metavante provided a range of products and services, including account processing for deposits, loans, and trust systems, image-based and conventional check processing, electronic funds transfer, and online banking products. The company was also known for its role in ATM network development, having hosted the first successful ATM transaction over a shared network.
The acquisition of Metavante by FIS was a strategic move for both companies. By acquiring Metavante, FIS gained access to its strong footprint in the US market and its integrated products, while Metavante benefited from greater exposure to overseas markets. The combined entity offered more than 300 technology products to its clients in the financial services industry, including premier products such as Metavante's payments business, which included the NYCE debit network, bill payments, healthcare, and imaging businesses. This acquisition also helped FIS build scale and strengthen its competitive position against potential future competitors, particularly technology companies.
The deal was structured as a stock-for-stock merger, with FIS issuing 1.35 shares of its stock for every share of Metavante stock. As a result of the merger, the new FIS employed about 30,000 people at 230 locations worldwide, with a significant presence in Jacksonville, where FIS was based. The combined company traded on the New York Stock Exchange under the ticker symbol "FIS", adopting it as its new corporate identity.
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Metavante's financial services and technologies
Metavante Technologies, Inc. is a financial technology services company that provides software and financial services regulatory advice and consulting to financial institutions, ranging from small to large sizes. The company was founded in 1964 as M&I Data Services, a subsidiary of the Marshall & Ilsley Corporation. In 2000, M&I Data Services changed its name to Metavante Corporation.
In terms of acquisitions, Metavante has been quite active, purchasing companies such as NYCE Payments Network, VICOR, Inc., VECTORsgi, Advanced Financial Solutions, and The Kirchman Corporation, among others. These acquisitions have expanded their capabilities and allowed them to offer a comprehensive range of integrated products and services.
In 2009, Metavante Technologies, Inc. was acquired by Fidelity National Information Services (FIS), and it continues to operate as a subsidiary, providing banking and payment technologies to financial services firms and businesses worldwide.
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Metavante's history and formation
Metavante Technologies, Inc. was a financial technology services company that provided software and financial services regulatory advice and consulting to financial institutions, ranging from small to large sizes. Headquartered in Milwaukee, Wisconsin, the company was founded in 1964 as M&I Data Services, a subsidiary of the Marshall & Ilsley Corporation. In 2000, M&I Data Services changed its name to Metavante Corporation.
Metavante played a significant role in the development of the ATM network, hosting the first successful ATM transaction over a shared network called "TYME" ("Take Your Money Everywhere"). They offered a range of products and services, including core data processing for financial institutions, online banking, credit and debit card processing, and network infrastructure support. The company also provided account processing for deposits, loans, and trust systems, as well as image-based and conventional check processing, electronic funds transfer, and electronic presentment and payment.
In 2005, Metavante Corporation, as a subsidiary of Marshall & Ilsley Corporation, announced a merger agreement to acquire Med-i-Bank, Inc. (MBI), a leading provider of electronic payment services for employee benefit and consumer-directed healthcare accounts. This acquisition extended Metavante's capabilities in the healthcare sector, including the MBI Benefits CardTM, which allowed employees to pay for eligible expenses at healthcare service providers.
On April 3, 2007, Marshall & Ilsley Corporation announced its plan to split, resulting in Metavante Corporation becoming an independent publicly traded company. This spin-off was designed to be tax-free for Marshall & Ilsley Corporation and its shareholders. Warburg Pincus, an investment firm, acquired a 25% equity stake in Metavante Corporation as part of this transition. On November 1, 2007, Metavante Technologies, Inc. began trading on the New York Stock Exchange under the symbol "MV."
Metavante continued to grow and made several acquisitions, including NYCE Payments Network, VICOR, Inc., and Advanced Financial Solutions, among others. However, on October 1, 2009, Metavante was acquired by Fidelity National Information Services, marking a new chapter in its history.
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Metavante's role in ATM network development
Metavante Technologies, Inc., through its subsidiary, Metavante Corporation, provided financial technology services, software, and financial services regulatory advice and consulting to its customers, primarily small to large-sized financial institutions. The company may be best known for its role in automated teller machine (ATM) network development, having hosted the first successful ATM transaction over a shared network known as "TYME" or "Take Your Money Everywhere".
Metavante was established in 1964 as M&I Data Services, a subsidiary of the Marshall & Ilsley Corporation. In 1967, the company established the first Remote Banking operation in the United States. Over the years, Metavante expanded its offerings to include core data processing for financial institutions, online banking products, credit and debit card processing, and network infrastructure support.
In 2003, Metavante's MBI Benefits CardTM was selected by America's Health Insurance Plans as a SolutionsTM partner, offering a convenient way to pay for eligible expenses at healthcare facilities. The following year, Metavante acquired Med-i-Bank, Inc. (MBI), a leading provider of electronic payment services for employee benefit and consumer-directed health care accounts. This acquisition enhanced Metavante's HSA solutions for financial institutions, including trust account management and regulatory reporting.
Metavante continued to play a significant role in the financial services industry, driving innovation and providing a range of products and services to its customers. The company made several strategic acquisitions, including the NYCE Payments Network and VICOR, Inc., to expand its capabilities and offerings. In 2007, Marshall & Ilsley Corporation announced plans to split, allowing Metavante Corporation to become an independent publicly traded company. This move provided new opportunities for growth and expansion in the financial technology sector.
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Metavante's MBI Benefits Card
Metavante Technologies, Inc. is a financial technology services provider, offering software and financial services regulatory advice and consulting to financial institutions. Its subsidiary, Metavante Corporation, delivers banking and payment technologies to financial services firms and businesses worldwide.
In 2005, Metavante Corporation acquired Med-i-Bank, Inc. (MBI), a leading provider of electronic payment services for employee benefit and consumer-directed health care accounts. MBI's products include Flexible Spending Accounts (FSA), Health Reimbursement Arrangements (HRA), and Health Savings Accounts (HSA). The MBI Benefits CardTM allows employees to pay for eligible expenses at physician and dental offices, pharmacies, and vision service facilities.
The acquisition of MBI by Metavante Corporation extended the existing Metavante HSA solution. This includes account setup and administration, transaction processing, healthcare debit cards, regulatory reporting, and account record-keeping and funds management. MBI's electronic payment systems are used by approximately 200 third-party administrators and health plans, servicing over 15,500 employers and approximately 1.3 million employee accounts.
The MBI Benefits CardTM is a popular choice for employees, with more than 15,000 employers, including many Fortune 500 companies, offering it to their staff. MBI was also selected by America's Health Insurance Plans as a SolutionsTM partner, extending preferred terms to nearly 1,300 health insurance plan members. This acquisition allows MBI to leverage Metavante's capabilities and network to benefit their administrator and health plan clients.
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