MILWAUKEE – Seeking to capitalize on Check 21, online banking and e-commerce vendor Metavante Corp. will buy check-imaging provider Advanced Financial Solutions. Terms were not announced. AFS, based in Oklahoma City, serves more than 7,000 financial institutions in the United States and abroad. Its CheckClear affiliate operates Endpoint Exchange, an operational electronic check image clearinghouse that has more than 4,000 financial institutions enrolled, the companies said in the announcement. Pending regulatory approval the deal will close in June. AFS will become a Metavante subsidiary with the existing AFS management continuing in their positions. "With Check 21 legislation taking effect in October 2004, there is more emphasis than ever on the rapid transformation of payments from paper to electronic," said Frank Martire, Metavante president and CEO. "Endpoint Exchange has clearly established itself as a leader in the `exchange game.'" Milwaukee-based Metavante is wholly owned by Marshall & Ilsley Corp.
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