Metavante to acquire Paytrust
MILWAUKEE - Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation has signed a definitive agreement to acquire the assets of Paytrust, Inc., a privately held online bill management company based in Lawrenceville, N.J. Metavante provides electronic presentment and payment services to financial institutions, including four of the five largest banks in the country. "Paytrust complements the end-to-end Metavante e-Finance technology platform and allows us to consolidate the industry's leading consumer-service provider offerings, with the technology we acquired in 2001 from CyberBills," said Joseph L. Delgadillo, Metavante president/CEO. Founded in October 1998, Paytrust has successfully deployed private-label electronic bill centers for 23 clients, including large financial service providers such as American Express, Citibank, E*TRADE, and Capital One. The Paytrust CSP offerings include both electronic and scan-and-pay presentment of bills, invoices and statements, coupled with "pay anyone" functionality. The company has developed proprietary technology including SmartBills(TM), a bill aggregation tool now for 33 direct biller Web sites, representing 50 electronic billers; and SmartBalance(TM), an online check register now connected to more than 200 financial institutions.