Unisys UK Joint Venture iPSL Renews Outsourcing Contracts with Barclays, HSBC and Lloyds TSB
Shared-services model helps UK banks achieve economies of scale in their payment processing operations
LONDON - 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.”
Intelligent Processing Solutions Ltd (iPSL) is a business process outsourcing (BPO) joint venture between Unisys, Barclays, HSBC and Lloyds TSB. As the Onshore End of OutsourcingTM, the company provides a variety of secure financial services back office support services in the U.K. and is the leading cheque processer. iPSL has the ability to operate efficiently and effectively across diverse technology platforms and client operating models to provide clearing services, including fraud detection and account services such as mailrooms, scanning & imaging, mandates management, refund of charges, onshore helpdesks and reconciliations management. For more information, visit www.ipsl.co.uk.
Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. In particular, statements in this release regarding the anticipated value of the contracts are based upon assumptions regarding future volumes of services to be provided and the performance of the contracts continuing for their full term. Because service fees payable by the banks under the outsourcing agreements with iPSL are largely based on the volumes of services performed by iPSL, and because the contracts are terminable before the end of their term, the estimated value of the contracts is not guaranteed. Additional discussion of factors that could affect Unisys future results is contained in periodic filings with the Securities and Exchange Commission.
Unisys is a worldwide information technology company. We provide a portfolio of IT services, software, and technology that solves critical problems for clients. We specialize in helping clients secure their operations, increase the efficiency and utilization of their data centers, enhance support to their end users and constituents, and modernize their enterprise applications. To provide these services and solutions, we bring together offerings and capabilities in outsourcing services, systems integration and consulting services, infrastructure services, maintenance services, and high-end server technology. With more than 26,000 employees, Unisys serves commercial organizations and government agencies throughout the world. For more information, visit www.unisys.com.
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