Marshall & Ilsley Corp. has agreed to use a lockbox processing product from Metavante Technologies Inc.
Metavante, which M&I spun off in November of last year, said Wednesday that its former parent would use its RemitEnterprise technology, which lets wholesale and retail lockbox operators convert paper documents and checks into electronic files and process the payments electronically through the automated clearing house network or through image-exchange systems.
M&I said it needed a more powerful system to handle its growing lockbox processing needs and that it will use the RemitEnterprise system at its seven processing sites.
Andrea Hatcher, M&I's vice president and product team leader for treasury management, said in the Metavante press release that Remit-Enterprise would "serve our growing treasury management client base."
