MILWAUKEE – Metavante, a subsidiary of Marshall & Ilsley, has signed a definitive agreement to acquire Spectrum EBP, LLC, a switch for exchanging online payments. Spectrum came on the bill pay scene with a lot of fan fare as it was founded a few years back by a group of large banks, including J.P.Morgan Chase & Co., Wachovia and Wells Fargo. All three of these banks have bill pay contracts with Spectrum. The deal would help Metavante better compete with the nation's largest EBP firm, CheckFree. The Spectrum switch works on an OFX/IFX platform; routes online payments, presentments, invoices, statements and other related information
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