Transamerica Insurance Finance Corp., a commercial insurance financer, and Malta-based Mid-Med Bank have signed agreements to use M&I Eastpoint's client/server-based core processing software.
Tifco, a division of Williamsville, N.Y.-based Transamerica, plans to install M&I Eastpoint's software at three sites in Canada and one each in Puerto Rico, England, and New York.
Tifco, which finances more than $2 billion of annual commercial insurance premiums, would use the system to process and manage 100,000 accounts.
It aims to offer more flexible loan financing, funding, and payment options; more effectively track collateral; handle collections and recoveries; and develop custom correspondence for its 245 users, which include insurance carriers and brokers.
"We needed to handle more accounts in a more efficient fashion ... and more readily support our geographic expansion," said Michael Reding, Tifco senior vice president for global operations.
Mid-Med Bank, one of Malta's largest, chose M&I Eastpoint after evaluating 13 vendors.
The system is expected to reduce the bank's nightly batch processing cycle by 60%, increase the speed of new product development, and cut system maintenance costs by 50%. It is expected to be operational in all 57 Mid- Med Bank branches by next July.
M&I EastPoint became a wholly owned subsidiary of Milwaukee-based M&I Data Services in August 1996.