Waterfield Bank has entered into a strategic partnership with Metavante, a provider of banking and payments technology, which will now provide core processing services to the bank.
Waterfield Bank said that this partnership includes a service that allows the bank’s customers access to up to $750,000 in Federal Deposit Insurance Corporation (FDIC) insurance through a single account.
According to Waterfield Bank, its customers will realise a more streamlined system through the Metavante partnership by receiving one statement, one check book and one debit card, yet still be able to access multiple FDIC-insured institutions through the service.
Randall Waterfield, co-CEO of Waterfield Bank’s holding company, said: Our partnership with Metavante brings even greater rigor to our transactional systems and operations, which results in increased security of our customers’ funds. But beyond that, the Metavante Brokered Funds Accounting solution provides our customers access to $750,000 in FDIC insurance for their accounts, allowing them to keep their large investments in one place without assuming unnecessary financial risks, which is critical in these tumultuous economic times.
Jamie Geschke, president of banking solutions at Metavante, said: In a challenging economic market experiencing continued consolidation, Waterfield is seizing the opportunity to grow its business and fill the void created by challenged competitors. Waterfield appreciates that in order to profitably grow a business it is imperative to apply integrated technology to increase operational efficiency.
