and renewal agreement with NYCE for electronic funds transfer services
MILWAUKEE, March 22, 2005 âMetavante Corporation today announced that Astoria Federal Savings, the wholly owned subsidiary of Astoria Financial Corporation (NYSE: AF), has signed a long-term contract extension with Metavante to continue as its financial technology services provider. In addition, Astoria Federal renewed its contract with NYCE Corporation for data processing and electronic funds transfer marketing services. NYCE, a Metavante company, is a leading U.S. debit card payments network. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
Metavante will provide products and services from its banking and payment solutions, which includes financial account processing, electronic funds transfer and card, electronic banking and customer relationship management (CRM). Additionally, Advanced Financial Solutions (AFS), a Metavante company, is providing image capture and check payment processing capabilities as part of item processing services Astoria Federal receives from M&I Support Services Corp., a subsidiary of Marshall & Ilsley Corporation.
"For over a decade and through several major acquisitions, weâve utilized Metavante to cost-effectively deliver innovative, high quality products and services to our customers. Today, Metavanteâs technology enables us to continue to improve branch and back office processes and, more importantly, better capture and analyze customer, sales and service behaviors. We will continue to use the technology to help us better understand customer needs and deepen our customer relationships," said Astoria Federal, Executive Vice President, Arnold K. Greenberg.
In 1994, Metavante began delivering financial technology and core processing services to Astoria Federalâs then 28 branches. Today, Astoria Federal has grown to be the fifth largest thrift in the United States and operates 86 branches throughout Brooklyn, Queens, Nassau, Suffolk and Westchester counties in New York.
"As one of the leading financial institutions in the United States, Astoria Federal represents a significant relationship for Metavante," said Paul T. Danola, senior executive vice president, Metavante Financial Services Group. "Our recent acquisitions, including NYCE Corporation, position Metavante to provide a truly complete set of financial offerings to meet Astoria Federalâs future growth objectives to remain competitive in its market."
Metavante Financial Services Group provides the technology that financial institutions need to deliver products and run their operations. Serving clients on an outsourced basis, or using in-house turnkey software, Metavante integrated systems provide financial account processing for deposit accounts, loans, financial accounting and customer information; branch and teller platform technologies; electronic banking; and trust services. The comprehensive suite of Metavante offerings also includes software for check imaging, risk and compliance, and treasury management, as well as consulting and professional services.