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Discover Financial Services Teams With Metavante To Deliver Flexible Card Solution

June 02, 2003
RIVERWOODS, Ill., June 2, 2003…Discover Financial Services, a business unit of Morgan Stanley (NYSE:MWD), has partnered with Metavante Corporation, a Milwaukee-based financial technology company wholly owned by Marshall & Ilsley Corporation (NYSE: MI), to provide services for issuers using the Discover/NOVUS Network. This partnership allows issuers other than Discover Bank, the issuer of Discover® Cards, to issue card products and use the Network.

Initially, the first products to be issued with this functionality are stored value/gift cards. Metavante provides the processing for these card products. One of the key benefits of this partnership is that it provides the option to issue and obtain these cards through non-traditional distribution channels like financial institutions.

“This solution will allow businesses to enhance their current practices with stored value/gift cards and benefit from the flexibility and increased profit potential they can bring,” said Tom Dailey, senior vice president, Discover Business Services. “Together, Metavante and Discover will drive synergies for the stored value/gift card offering that will benefit issuers of these new products.” Such benefits include:

- Neutral branding, logo flexibility

- Ability to distribute and redeem through various methods

- More than 4 million merchant and cash access locations

- Real-time authorization and zero floor limit, which limits fraud potential

“Our partnership with Discover is a great fit for stored value programs. Metavante offers potential issuers of stored value/gift cards on the Discover/NOVUS Network a solution that has full functionality and is flexible and scalable. We provide account and transaction processing, card personalization, customer service, settlement, reporting, and risk management services. In addition, we will work with Discover to meet the needs and expanded functionality requested by Issuers,” says Frank D'Angelo, executive vice president and general manager, Metavante Electronic Funds Transfer (EFT) and Card Solutions, a leading provider of EFT and Card solutions including debit, stored value, and credit card processing, card personalization, ATM management, gateway transaction processing, merchant processing, and transportation payment solutions.

About Metavante

To improve the financial experience for more than 5,100 clients – including the largest 20 banks in the United States – and their thousands of customers, Metavante Corporation delivers virtually all of the technology that an organization needs to offer financial services. Metavante offers financial technology solutions that drive customer relationship management, electronic banking, electronic funds transfer and card solutions, electronic presentment and payment, financial technology services, and wealth management. Headquartered in Milwaukee, Wis., Metavante is wholly owned by Marshall & Ilsley Corporation (NYSE: MI). Metavante is a registered trademark of Metavante Corporation. For more information, see www.metavante.com.

About Discover

Discover Financial Services, a business unit of Morgan Stanley, operates the Discover Card brands and the Discover/NOVUS Network for its more than 50 million Cardmembers. The Discover/NOVUS Network is the largest proprietary credit card network in the United States with more than 4 million merchant and cash access locations. For more information see www.discoverbiz.com.