Unisys Corporation (NYSE:UIS) today announced that its wholly owned subsidiary, Unisys Payment Services Limited, has won a five-year extension of its cheque processing contract with The Co-operative Bank. The extension, signed in the first quarter of 2010, has an estimated value in excess of 30 million pounds Sterling ($US43million).
Under the extension, Unisys will continue providing outsourced cheque processing and image archiving services to The Co-operative Bank until 2015. The Co-operative Bank is part of The Co-operative Group, the UK's largest consumer co-operative.
Unisys has been an outsourcing services partner to The Co-operative Bank since 1994.
"During the contract term The Co-operative Bank will require Unisys to process hundreds of millions of cheques," said John Hughes, director Retail Products at The Co-operative Bank. "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."
As part of the contract extension, The Co-operative Bank will also have access to Unisys online cheque image archive - the Unisys Payment Information Engine (PIE). This system, designed specifically for storage of cheque images, provides visual, online access to cheques, so staff can quickly perform critical tasks such as resolving customer queries or investigating allegations of fraud.
Rob Chapman, managing director of Unisys UK and Ireland, said, "We look forward to continuing our work with The Co-operative Bank, delivering a cheque processing solution that allows them to manage the changing payments landscape, while focusing more intensively on serving customers in the core areas of their business."