Metavante and Yodlee announced at the 2006 Retail Delivery Show a joint agreement in which Metavante will integrate Yodlee's debit and credit card payment functionality with Metavante's electronic bill payment solution.
As a result of the deal, consumers of Metavante client banks will now have the option of paying their bills online by debit or credit card. It will also provide the banks with an opportunity to make money from interchange fees, claim the companies.
"Financial institutions offering Metavante's bill pay now receive the card option, revenue-generating opportunities and lower total cost of ownership [as a result of the Yodlee partnership]," said Dave Fortney, SVP, electronic payment and presentment, Metavante.
By integrating Metavante bill pay processing, Yodlee strengthens its BillPay offering with enhanced biller connectivity when users choose to make a payment without a card. Metavante becomes the preferred bill pay processor for ACH and check payments in these cases.