Metavante forms cash-management division

Milwaukee, Wis. - Metavante Corp., the banking and payments technology subsidiary of Marshall & Ilsley Corp., has announced the formation of a new cash-management division and the appointment of its first president, Fiserv, Inc. veteran Gary Kasik.

Kasik will run the division, which will allow commercial clients of Metavante customers to manage investments, certain income statement items, payables, and receivables with full accounting and reconciliation for transactions, risk assessment, and fraud management tools.

The division, Metavante Commercial Treasury Solutions, will implement these functions with help from recently acquired VICOR, Inc., a Richmond, Calif.-based company that will support complex payment requirements.

With the new division and support from existing business units, Paul Danola, president of Metavante Financial Solutions Group, said the company would be able to offer what he called an "end-to-end" commercial solution.

"Previously, we have addressed our commercial solutions through our banking technology business," Danola said in a statement. "Now, with the new division, we will organize certain products and solutions within it, and we will draw on products within other Metavante divisions, including payments, to provide a full end-to-end solution for our clients."

Kasik most recently served as president of Fiserv BANKLINK, an outsourced cash management solution for financial institutions. Prior to joining Fiserv through an acquisition in 1991, Kasik was with Citicorp Information Resources, where he held various management positions with the banking technology unit.

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