Target will manage the infrastructure that LV= uses for processing, account management, arrears management, and securitisation.
LV= and Target have worked together since 1990, culminating in Target providing a fully managed service from March 2008.
Lisa Mundy, Head of Personal Loans at LV=, said: âTarget is able to provide a focused delivery proposition that reflects their broad understanding of our business and operating environment.â
The Target suite of systems have been used by LV= for a number of years and, as part of the wider IT review, it became clear that Target was able to provide a defined managed service at a lower cost and at lower risk..
Lisa Mundy added: âTarget is able to provide LV= with resilient systems, high quality service support, within an appropriate cost model. During our partnership with Target, we can expect to receive the benefits of an up-to-date system, running on a supported platform, as well as further system development as we require.â
James Snow, Target Group Strategy Director, said: âI am delighted that LV= has agreed to continue and extend our fruitful working partnership. We believe that this relationship will continue to grow and strengthen, and we look forward to working with LV= in the years to come.â
The LV= deal is the latest in a series of contracts secured by Target Group.