MILWAUKEE, Wis. — Volkswagen Bank USA, a wholly owned subsidiary of VW Credit, Inc., has signed a long-term agreement with Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI).
Under the contract, Metavante will provide banking and payment services including financial account processing and customer relationship management, electronic banking and EFT and card services.
With more than $513 million in assets, Volkswagen Bank USA has been operating since January 2002 and offers traditional loan products to current and prospective owners of Volkswagen vehicles.
After implementing the Metavante solution, Volkswagen Bank USA offerings will include a full range of deposit services including certificate of deposit and negotiable order of withdrawal accounts, consumer electronic banking, online bill payment and ATM and debit card services.
Volkswagen Bank USA's primary distribution network will be the Internet, using Metavante on-line applications. Metavante anticipates establishing Volkswagen Bank USA on its integrated banking and payment platform in 2004's third quarter, according to a news release.
