Banco Popular North America (BPNA), the US subsidiary of Banco Popular de Puerto Rico, has signed an outsourcing contract with Metavante for accounts and payments processing services.
Metavante currently provides wealth management and trust accounting services, and CSF Designer document composition software for the bank's Puerto Rico business.
Under the new deal, Metavante will provide BPNA with account processing, electronic bill presentment and payment (EBPP) and customer relationship management products and services. In addition, Metavante's parent company Marshall & Ilsley will provide the bank with cheque item processing services.
Alberto Paracchini, senior vice president, Banco Popular North America, says: "Upgrading our existing delivery system affords us the ability to standardise our operating environment, which results in not only improving our efficiency, but more importantly, enhancing our customers' overall banking experience."
He adds that Metavante's products and services will help the bank maintain growth in the small and middle commercial markets.