Commonwealth Bank of Australia, Westpac Banking Corporation and National Australia Bank announced today that they have awarded a contract to Fiserv to provide cheque processing services for the three banks from April 2005. The contract is worth in excess of AUD$600m over a term of 12 years. Fiserv will supply Day One cheque processing and image archive services to the banks.
In addition to providing technology improvements, the contract with Fiserv is expected to deliver scale and efficiency benefits in the face of declining cheque volumes.
Executive General Manager, Retail Operations, Peter Abbott said "This provides an excellent opportunity for Australian banks to work together to more effectively manage the cost of cheque processing operations. Fiserv will bring new processes and technology that will result in continued high levels of service in a cost effective way despite the decline in cheque volumes that we are seeing in the Australian market".
All existing bank employees that work in the cheque processing areas will be offered positions, on at least similar terms and conditions to those that they are currently employed under, with Fiserv.
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported US$3.4 billion in processing and services revenues for 2004. Fiserv can be found on the Internet at www.fiserv.com.