Co-operative Bank, a part of UK-based consumer co-operative The Co-operative Group, has renewed its outsourced cheque processing contract with Unisys Payment Services, a subsidiary of American information technology company Unisys, for five more years. The extension, signed in the first quarter of 2010, has an estimated value in excess of $43m.
Unisys has been an outsourcing services partner to The Co-operative Bank since 1994.
Under the extension, Unisys will continue to provide outsourced cheque processing and image archiving services to The Co-operative Bank until 2015.
The Co-operative Bank will also have access to Unisys online cheque image archive, the Unisys Payment Information Engine (PIE).
John Hughes, director of retail products at The Co-operative Bank, said: “During the contract term The Co-operative Bank will require Unisys to process hundreds of millions of cheques. Partnering with Unisys makes it easier for us to service the substantial needs of our personal and corporate customers for a reliable and efficient cheque clearing facility.
“Using Unisys cheque processing services, we can reduce risk, improve operational effectiveness and maintain a high standard of customer service.”