Lake City Bank Selects New Outsourced Receivables Processing Solution From Metavante
2/28/2008
MILWAUKEE, Feb. 28, 2008 – Metavante (NYSE:MV), a leading
provider of banking and payments technology, today announced that Lake City Bank
(Nasdaq Global Select/LFKN) has selected the new Remittance On-Demand hosted
receivables processing platform as its advanced retail and wholesale receivables
management solution. Remittance On-Demand is a strategic product line expansion
to the highly successful VICOR receivables processing solution that is deployed
and operated by a number of the largest financial institutions in the United
States.
Lake City Bank focuses on the commercial banking segment and has built a
reputation for providing commercial clients with technology-driven treasury
management solutions while remaining a local, community-focused bank.
Remittance On-Demand is a managed service offering built on the
industry-recognized VICOR receivables processing solution, from Metavante’s
Image Solutions division, which processed nearly $1.7 trillion in transactions
at financial institutions including six of the top 10 U.S. banks in 2006. Lake
City Bank’s deployment of Remittance On-Demand allows the bank to place less
emphasis on IT operations and more focus on business growth. Additionally,
Remittance On-Demand will enable the bank to expand and improve its existing
receivables business by leveraging industry-leading features such as automated
keying, consolidated output delivery and advanced payment and supplemental
document processing capabilities.
“Lake City Bank was looking to expand our receivables management services and
to remain a leader in technology-driven cash management products. By introducing
Remittance On-Demand we can expand our suite of products with existing prospects
and clients, enhance our reputation in the cash management segment and grow
revenue," said Douglas R. Samuel, CTP, vice president and manager of cash
management of Lake City Bank.
“The benefit of the Remittance On-Demand product is that organizations can
offer advanced receivables functionality with an outsourced pricing structure
that requires minimal dedicated infrastructure investment," said Brian Hurdis,
president, Metavante Image Solutions. “This solution provides opportunity for
banks to obtain fee-based revenue margins and reduce operating expenses while
deploying one of the most sophisticated receivables platforms on the
market."
Remittance On-Demand offers 24/7 availability and support with redundant
backup and full disaster recovery.
The Metavante-hosted model provides the technology for the addition of
emerging receivables products, such as healthcare and government forms
processing, by equipping banks with the ability to more quickly and easily
introduce new services to their client base and target new customers.
Metavante Image Solutions provides comprehensive solutions that help banks
and businesses transition from paper to electronic payments and image
processing. Solutions that can be delivered in-house or outsourced include
distributed capture, check and remittance processing, fraud detection, as well
as document and report management. Customers encompass organizations of all
sizes from de novo banks to the world’s largest financial institutions and
corporations.
About Lake City Bank
Lake City Bank is
the primary subsidiary of Lakeland Financial Corporation, a $2 billion bank
holding company headquartered in Warsaw, Ind. Lake City Bank serves Northern
Indiana with 43 branches located in the following Indiana communities:
Kosciusko, Elkhart, Allen, St. Joseph, DeKalb, Fulton, Huntington, LaGrange,
Marshall, Noble, Pulaski and Whitley. The company also has a loan production
office in Indianapolis, Ind. Lakeland Financial Corporation may be accessed on
its home page at www.lakecitybank.com.
About Metavante
Metavante Technologies, Inc.
(NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation
delivers banking and payments technologies to over 8,000 financial services
firms and businesses worldwide. Metavante products and services drive account
processing for deposit, loan and trust systems, image-based and conventional
check processing, electronic funds transfer, consumer healthcare payments,
electronic presentment and payment, business transformation services, and
payment network solutions including the NYCE Network, a leading ATM/PIN debit
network. Metavante (www.metavante.com) is
headquartered in Milwaukee.
Metavante, NYCE and VICOR are registered trademarks of Metavante Corporation,
which is the principal subsidiary of Metavante Technologies, Inc.