Metavante Provides Support for the Harris Health Savings Account

MILWAUKEE--(BUSINESS WIRE)--Metavante Corporation today announced it is providing the technology and support for a comprehensive health savings account (HSA) solution to Harris N.A., which recently launched its Harris Health Savings Account in both the individual and commercial HSA markets. Harris N.A. is the third-largest bank in the Chicago market. Metavante is the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).

“HSAs are a consumer-facing product, and financial institutions need to ramp up quickly to gather this new source of deposits. By helping large banks like Harris and other major financial institutions offer HSAs, Metavante makes a powerful value statement around its HSA capabilities”

Seeking to help enable the broad-based adoption of HSAs and gain access to a new pool of deposits, Harris looked to Metavante Healthcare Payment Solutions for all the technology, operational and back office servicing needed to support its HSAs. Metavante provides account-opening (including online and mass enrollment) functionality, fulfillment of welcome kits, deposit account and debit card processing, call center services, automated HSA debit card personalization and fulfillment, Metavante eBanking for online account access and call center support.

Information Strategies, Inc., a Ridgefield, N.J., firm tracking HSA growth, found marketplace HSA volume tripled to 3.6 million accounts during 2006, amounting to a cumulative $5.1 billion of new deposits for financial institutions. Those numbers are projected to increase respectively to 8 million and $13.6 billion during 2007, the firm says, and financial institutions are taking notice. While their estimates indicate 1,200 banks and credit unions currently offer HSAs, Information Strategies expects that number to double by the end of 2007¹.

“HSAs and healthcare payments are new areas for banks and require new technologies and processes. With a market-proven, wide-ranging HSA solution in its suite of payment products, Metavante offered the expertise, functionality and an implementation process that enabled speed-to-market for Harris’ HSA product,” said Cynthia Ullrich, senior vice president, Harris Business Banking.

“HSAs are a consumer-facing product, and financial institutions need to ramp up quickly to gather this new source of deposits. By helping large banks like Harris and other major financial institutions offer HSAs, Metavante makes a powerful value statement around its HSA capabilities,” said John Reynolds, president, Metavante Healthcare Payment Solutions. “In addition to community and regional banks, Metavante equips even the largest FIs to enable broad consumer adoption of HSAs, and they don’t need to be Metavante core processing clients. Our broad HSA solution mitigates operational risks that exist around launching a new and largely seasonal product for any financial institution, regardless of which vendor provides core IT support.”

By the close of open enrollment 2006, nearly 150 financial institutions had chosen Metavante’s HSA platform, which posted an annual growth rate of 160% in terms of HSA volume. In addition to its HSA solution, Metavante also provides Harris with card processing for debit, prepaid and ATM cards, ATM driving, card production and fulfillment, and check image solutions.

Metavante Healthcare Payment Solutions is helping transform the healthcare payments industry by accelerating the exchange of information and funds between patients, payers, providers and financial institutions. Forging new connections between payment and data systems to quicken the claims process, Metavante expedites benefits eligibility verification, claims substantiation, medical remittance processing, and payment and explanation of benefit distribution. With Web-enabled tools, an HSA platform, multi-purse benefit debit cards and combination eligibility/payment cards, Metavante enables integrated consumer benefit account management of HSA, FSA, HRA and dependent care and transportation accounts.

About Harris

Harris is an integrated financial service organization providing more than 1 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name.

About Metavante

Metavante Corporation delivers banking and payments technologies to over 8,600 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, and business transformation services. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI). On April 3, 2007, Marshall & Ilsley Corporation announced its plans to split Metavante Corporation and Marshall & Ilsley Corporation into independent publicly traded companies.

¹ Information Strategies, Inc. Ridgefield, N.J.

Metavante is a registered trademark of Metavante Corporation.