To help UK banks achieve economies of scale in their payment processing operations
The UK joint venture subsidiary of Unisys Corporation, Intelligent Processing Solutions (iPSL), has signed five-year outsourcing contract extensions with Lloyds TSB, Barclays and HSBC. The aggregate value of the contract extensions is estimated to be more than GBP315m.
iPSL provides large-scale, secure outsourcing services across the UK banking sector, including all aspects of cheque processing, image archive and retrieval, “lock-box” services, reconciliation and other related back-office functions. Lloyds TSB, Barclays and HSBC are all shareholders in the joint venture, along with majority shareholder Unisys.
Royston Hoggarth, chairman of iPSL, said: “By using a centralised, shared-services model that delivers significant economies of scale, iPSL enables our client banks to process payments with greater cost-efficiency than they could achieve individually. iPSL’s combination of secure infrastructure and banking processes positions it well in coming years to help client banks in other closely related markets such as Account Servicing, including Imaging and Archiving and Regulatory Support.”
Rob Chapman, vice president and managing director, UK, Middle East and Africa, Unisys, said: “iPSL plays an important role in today’s UK economy. By providing a fully integrated, end-to-end service, it frees banks to focus on developing and delivering more financial products and banking services that provide better overall value to their customers.”