MILWAUKEE, Jan. 19, 2006 - Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced the formation of a new division: Metavante Image Solutions. Leading the industry by providing the world's most comprehensive, end-to-end check image and document technology solutions, the new Metavante division will include the operations of its affiliates Advanced Financial Solutions (AFS), the Endpoint Exchange Network, TREEV and VECTORsgi.
Gary L. Nelson, a member of the Metavante executive committee, will become president of Metavante Image Solutions. As co-founder and president of AFS, Nelson has extensive knowledge and expertise in the electronic check and document processing business and 30 years of experience in financial technology.
"Two years ago, we embarked on a strategy to build a check and document imaging business at Metavante to meet the growing importance of this area as a result of Check 21 legislation," said Paul Danola, president and chief operating officer, Metavante Financial Solutions Group. "We believe Metavante Image Solutions will allow us to maximize our industry leadership position with a unified solution offering for our broad array of check and document imaging products and services. Additionally, this enables us to focus more strategically on our customers and continue to build upon Metavante's substantial success in this arena."
To strengthen its market-focused approach for Metavante Image Solutions, Vijay Balakrishnan, a check imaging and financial technology industry veteran with over 25 years' experience, has joined the Metavante corporate marketing team as vice president of strategic marketing. Before joining Metavante, Balakrishnan served as executive vice president at Alogent Corporation in Atlanta, where he was responsible for products, international, and marketing. Balakrishnan holds both bachelor's and master's degrees in electrical engineering from the University of Illinois and a master's of business administration from the University of Pennsylvania's Wharton School of Business.
Metavante Image Solutions helps organizations successfully navigate the transition from paper to image and electronic processing. Through its subsidiaries which include AFS and VECTORsgi, offering image-based payment processing solutions to customers of all sizes, from community banks to the largest corporations and financial institutions in the world; Endpoint Exchange, LLC and its national check image exchange and settlement network; and the browser-based document and report management software of TREEV; Metavante is the world's leading provider of comprehensive image-based check and document processing and distributed image-capture solutions.
Over 7,500 U.S. and international financial institutions use a Metavante check-image or distributed-captured solution, including 42 of the nation's top 50 financial institutions, and more than 4,000 financial institutions are members of the Endpoint Exchange Network.