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Bank of Marin Adopts Metavante’s Outsourced Receivables Solution

RemitPoint centralized image-based remittance processing service allows the bank to actively market new lockbox services to its corporate customer base.

Bank of Marin Bancorp (Novato, Calif., more than $1 billion in assets) has deployed Metavante Corporation's hosted solution for advanced wholesale and retail receivables management.

According to the banking and payments technologies provider, the RemitPoint solution provides Bank of Marin, the sole subsidiary of Bancorp, with a centralized image-based remittance processing service that allows the bank to remain in control of the strategic aspects of its image lockbox offering while outsourcing back-end operations and transaction processing.

The Milwaukee-based vendor said in a release announcing the deployment that the solution is managed in a secure data center and provides the bank with keying, image transmission and Web output services, allowing the bank to actively market new lockbox services to its corporate customer base. As a result, Metavante noted, it will support the bank in increasing new revenue potential and transaction value, as well as reducing operating costs and improving operational efficiency.

Reflecting on the bank's 18-year relationship with Metavante, Michael Besselievre, executive vice president and chief information officer, Bank of Marin, noted in the statement, "In the search for a remittance solution that best fit our needs, Metavante offered an industry-leading platform on a hosted basis -- providing us with the best combination of control over the product and a workable business case."

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