Unisys Corporation (NYSE:UIS) today announced that its UK joint venture subsidiary Intelligent Processing Solutions Limited (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 £UK315 million ($US500 million).
Established in 2000, iPSL provides outsourced cheque and credit clearing services for major banks in the UK. Lloyds TSB, Barclays and HSBC are all shareholders in the joint venture, along with majority shareholder Unisys.
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.
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, added: “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.”
