M&I Data Services Acquires Moneyline Express Business Unit of Travelers Express
Looks like CKFR just lost a would be competitor, M&I services small to mid-size banks, banks that are not their customer's probably wouldn't even look at them now... kinda like a non-Fiserv bank asking Fiserv to do their internet banking.
MILWAUKEE, Jan. 12 /PRNewswire/ -- M&I Data Services, a financial software and services leader, has acquired the Moneyline Express business unit of Travelers Express. Moneyline Express is an electronic bill payment and presentment solution that enables consumers and businesses to initiate the payment of any bill electronically. The acquisition includes the purchase of all assets, operational processes and customer relationships of Moneyline Express.
Moneyline Express is the second largest provider of consumer bill payment processing in the United States, processing for customers of more than 700 financial institutions.
''This acquisition solidifies our position as a leading provider of electronic commerce solutions, and establishes M&I Data Services as a major player in the area of electronic bill payment and presentation,'' said Joe Delgadillo, president and chief executive officer at M&I Data Services. ''We are well positioned to offer customers a sophisticated bill payment and presentment solution with state-of-the-art technology and our thorough understanding of the financial services industry.''
According to a recent article published in the December issue of Financial Service Online, M&I Data Services is the leading provider of online banking processing in the industry. M&I Data Services currently provides bill payment capabilities to its 170 home banking customers via Moneyline Express. It supports both financial institutions and their customers 24 hours a day, 7 days a week through the M&I Online Banking Call Center utilizing the Moneyline Express customer service workstation. The acquisition leverages this experience and capitalizes on the extensive, payment processing experience of M&I Data Services.
''Customer behavior is changing. How they expect to access and utilize financial services in this electronic age creates significant opportunities for growth,'' said Mike Hayford, executive vice president, corporate development at M&I Data Services. ''Technology providers must fulfill the needs of financial institutions by meeting customer demands for expanded electronic commerce services. The acquisition of Moneyline Express is another key building block in our strategy to pursue aggressively the emerging electronic commerce market.''
Lloyd L. Hamm, Jr., senior vice president and CIO of Eastern Bank Corporation, Lynn, Mass., is a customer of M&I Data Services. ''When it comes to bill payment, the reputation of M&I Data Services for superior service and its experience in the financial services industry is unparalleled,'' said Hamm. ''And, its acquisition of Moneyline Express will ensure that our customers will continue to have access to the premier electronic bill payment and presentment solution in the market.''
As a leader in the payment processing market, M&I Data Services processes more than 1 billion checks annually across 13 data centers in the United States, switches and routes over 55 million electronic funds transfer transactions monthly and supports over 11 million card holder accounts. The M&I Data Services Home Banking Division offers state-of-the-art home banking products, including telephone banking, PC dial-up banking and Internet banking. M&I Data Services is a leader in the deployment of Microsoft Internet Finance Server Toolkit (MIFST) and Open Financial Exchange (OFX) specification.
''We will continue to offer our customers the Moneyline Express solution,'' said Dan Schley, chairman and CEO of Home Financial Network, a leading provider of Internet banking services and current Moneyline Express alliance partner. ''We believe that this acquisition solidifies the leadership position of M&I Data Services in the emerging online banking arena and are pleased that M&I Data Services is committed to providing a seamless end-to-end solution to its customers.''
M&I Data Services is a provider of leading-edge technology solutions to the financial services industry. Headquartered in Milwaukee, Wis., it offers consulting, software and processing solutions for financial institutions worldwide. The company's rapid growth is being fueled by innovative product development, strategic product acquisitions and strong growth of its customer relationships. M&I Data Services is a division of Marshall & Ilsley Corporation (Nasdaq: MRIS - news), a $21.6 billion holding company. For more information, visit the M&I Data Services Web site at midata.com
SOURCE: M&I Data Services
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