MILWAUKEE - (10/18/04) -- Metavante Corp. continued on itsacquisition spree Friday, announcing a deal to acquire VECTORsgiInc., an Addison, Texas-based provider of check-imaging andexchange technology, for up to $135 million. VECTORsgi developedthe Distributed Traffic Agent for SVPCO, a clearinghouse owned by19 of the nation's largest banks, and will be pared with anotherrecent Metavante acquisition, Advanced Financial Solutions (AFS),owner of the CheckClear LLC national check exchange. Metavante, awholly owned unit of bank holding company Marshall & Ilsley,has spent more than $1 billion on six acquisitions this year,including the NYCE electronic funds network, the Kirchman Corp.,Response Data, a provider of bill pay and check processingservices, and NuEdge Systems, a provider of CRMsoftware.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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