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Pershing
anticipates delivering the Metavante electronic presentment and
payment solution to its customers and their clients over its
NetExchange ClientŪ Internet-based platform before year-end
2002. Through NetExchange Client, Pershing's customers can
provide their clients with trading capabilities and access to
account information, news, quotes, and other content via the
Internet. In addition, Metavante's bill presentment and payment
service will be integrated into ProCash PlusTM, Pershing's asset
management account platform that combines brokerage and other
financial activity and consolidates these transactions on one
statement. With the addition of Metavante's total bill
management system, Pershing's customers will be able to deliver
the added convenience of electronic bill payment and presentment
to their clients.
Metavante will
provide this comprehensive online service through its Electronic
Presentment and Payment consumer service provider (CSP)
solution. This service offers users the ability to receive,
view, and pay all of their bills-both paper and
electronic-online. Services that Pershing will deliver include
electronically presented bills published by Metavante or
Metavante bill distribution partners, billing event notification
through e-mail alerts, and robust "pay anyone"
capabilities. Additional benefits Pershing customers will be
able to offer their clients include online access to bill and
payment history that is electronically stored for up to 12
months. In addition, Pershing's customers and their clients who
subscribe to the service can download all of their historical
bill and payment information to QuickenTM or MS MoneyTM, and
receive a CD-ROM with a year-end summary of all of their bill
information and payment transactions.
"Our
agreement to deliver Metavante's electronic presentment and bill
payment solution to our customers will aid them in strengthening
their asset-gathering capabilities," said Brian Shea, Chief
Operating Officer, Pershing. "This innovative service
enables our customers to provide their clients with a
comprehensive solution for consolidating investment and other
financial activity in one place and managing their assets more
efficiently."
"Pershing's
selection of our total bill management system demonstrates that
the Metavante Electronic Presentment and Payment solution is
highly adaptable and scalable to support the business objectives
for the leading brokerage services provider," said Mike
Touhey, President, Metavante Market Solutions. "By
implementing Metavante total bill management technology for its
customers, Pershing will play a major role in driving the
adoption of electronic presentment and payment among individual
investors."
Serving over
3,000 clients, Metavante Electronic Presentment and Payment (EPP)
offers a comprehensive, fully scalable, end-to-end solution that
allows companies to electronically prepare bills and statements,
and enables their clients to receive them and make payments over
the Internet. The Metavante EPP solution provides billers with
the industry's leading technology to automate and streamline
bill delivery, payment, and customer care processes, and with
market-leading document composition software. It gives consumers
a bill management service that allows them to view, pay, manage,
and automate all of their bills-paper or electronic-online.
Metavante EPP also delivers a powerful "pay anyone"
electronic bill payment engine for businesses and consumers.
About
Pershing
Pershing is a division of Donaldson, Lufkin & Jenrette
Securities Corporation, a Credit Suisse First Boston company.
Located in ten offices worldwide, Pershing is a leading global
provider of securities processing and investment-related
products and services to nearly 800 institutional and retail
financial organizations, registered investment advisors, and
managed account programs. Its businesses include execution,
settlement, financing, and information management services. For
more information on Pershing, refer to the company's web site at
www.pershing.com.
About
Metavante Corporation
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September
10, 2002 -- Pershing, a Credit Suisse
First Boston company, and Metavante Corporation, the financial
technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI),
announced an agreement today to provide electronic presentment
and payment services to Pershing's introducing broker-dealer
customers and the 4.5 million individual investors they support. 