Xansa wins Lloyds TSB outsourcing contract

Outsourcing and technology company Xansa has been selected by banking giants Lloyds TSB to supply it with finance and accounting services.

The company have landed a four-year contract with Lloyds, and will provide accounts payable, employee expenses and fixed asset accounting, although the value of the contract has not been disclosed.

Although based in Reading, Berkshire, Xansa will provide the services from its offshore delivery centres in India.

Commenting on the agreement, Alistair Cox, Xansa's chief executive said: "This contract is a great addition to the portfolio of complex industry specific back office processes which we provide to Lloyds TSB."

"It further strengthens our position as a leading UK provider of finance and accounting services," he added.

The deal is one of the first finance and accounting contracts to be offered within the UK financial services industry.

However, it continues a growing trend of outsourcing back office services, with India providing a favorite offshore location.

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