VECTORsgi Solutions Enable XML Documents to Exchange in ACH Format; Proof of Concept Success Supports Creation of an Entry Class Code for XML Documents Facilitating Improved Reconciliation for Electronic Payments

SAN ANTONIO--(BUSINESS WIRE)--April 13, 2005--VECTORsgi, a Metavante company and leading provider of financial transaction applications, announced at the NACHA PAYMENTS 2005 Conference that it worked with the NACHA X12 Finance subcommittee to conduct a successful proof of concept for Extensible Markup Language (XML) records to be embedded in NACHA's corporate trade exchange (CTX) format. The goal of the project is to facilitate straight-through processing for business-to-business electronic payments.

The proof of concept began with a payment origination file from an accounts payable system. M&I Marshall & Ilsley Bank used VECTORsgi's VECTOR E-Payments Solution to convert payment origination files to a CTX design embedded with XML formatting. The files were then cleared through the ACH clearing system to JPMorgan Chase, which passed the payment with the accompanying XML remittance detail to the State of Louisiana Department of Public Safety, the receiving corporation.

“Successfully incorporating XML formatting into electronic payments positions financial institutions and businesses alike to multiply the benefits derived from electronic payments”

This formatting is intended to increase the acceptance of electronic payments and speed the posting of transactions to accounts receivable, decrease the number of cases of disputed items, and potentially decrease the days of sales outstanding. It will simplify a bank's business processes and enable them to provide competitive corporate offerings and enhanced efficiencies.

"Successfully incorporating XML formatting into electronic payments positions financial institutions and businesses alike to multiply the benefits derived from electronic payments," said Sydney Smith Hicks, president of VECTORsgi. "Presently, only 15 percent of all remittances delivered are suitable for automated reconciliation. The NACHA X12 Finance subcommittee's efforts will improve the efficiency and popularity of electronic payments as we approach a fully automated solution."

VECTORsgi also played an instrumental role in developing an XML format to transfer addenda records with electronic payments, providing industry-specific details and further enhancing reconciliation. The format is currently under consideration before the NACHA board of directors for approval for general use.

About Metavante

Metavante Corporation is a leading provider of image-based check processing and distributed image-capture solutions through its companies, which include VECTORsgi, Advanced Financial Solutions (AFS) and The Endpoint Exchange Network. The Endpoint Exchange Network enables U.S. financial institutions to clear their check-based transactions by allowing for the exchange of check images between member institutions. Metavante delivers banking and payment technologies to 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, and electronic presentment and payment. The company's services are marketed as Metavante or through the AFS, Endpoint Exchange Network, Kirchman, Medical Banking Exchange, NuEdge Systems, NYCE, Prime Associates, Printing For Systems, Response Data or VECTORsgi brands. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation.

About VECTORsgi

VECTORsgi, a Metavante company, is a leading provider of innovative financial transaction processing solutions including distributed capture, image processing and exchange, dispute resolution and e-commerce solutions for financial institutions and corporations. Its products have been licensed more than 2,800 times by corporations and financial institutions ranging in size from community banks to top ten financial institutions to international banking organizations. VECTORsgi is recognized by the American Banker and the research firm Financial Insights in the FinTech 100, an international annual listing of the top technology providers for financial institutions.

The Addison, Texas-based company, founded in 1976, provides innovative solutions not only to help financial institutions and corporations streamline their payment systems and operations, but also to leverage their image processing investment and maximize the benefits of check truncation. VECTORsgi also helps financial institutions enhance profitability by offering consulting services that provide management consulting and business practice improvement.

For more information about the company, visit www.VECTORsgi.com.

Editor's note: The correct usage of the VECTORsgi name is "VECTOR" in upper case with "sgi" in lower case.