METAVANTE AND DISCOVER REACH MERCHANT PROCESSING AGREEMENT
Milwaukee, WI - 6 December 2007
Metavante (NYSE: MV), a leading provider of banking and payments technology, today announced Metavante Corporation has signed an agreement with Discover Financial Services (NYSE: DFS) that enables it to offer its merchant clients full-service processing for all Discover Network card transactions. Discover Financial Services operates the Discover Card and Discover Network.
“Our agreement with Discover makes it possible for Metavante to provide integrated processing services for Discover Network and other card associations,” said Bruce Hopkins, division president, Metavante Acquiring Solutions. “Beyond facilitating merchant acceptance of Discover Network card transactions and an enhanced range of point-of-sale payment options, Metavante now offers a streamlined payment processing solution, evolving into a single source for merchant services.”
The Metavante-Discover agreement makes Metavante a convenient source for merchant processing, as it provides consolidated services for card transaction acquiring and processing, settlement, pricing, statements, risk management and customer service. Metavante Merchant Services clients will also receive a single deposit for easier balancing, settlement and monthly reconciliation.
“Consolidated delivery of services like settlement and reporting will help to increase back-office efficiency for Metavante's merchant clients, which will allow them to devote more time to their business,” continued Hopkins. “Metavante’s commitment to helping merchant clients grow their business is unwavering, and being able to promote a wider range of payment options within a single merchant processing relationship is the latest example of Metavante Merchant Services adding value to its product offerings.”