Unisys UK Joint Venture iPSL Renews Outsourcing Contracts with Barclays, HSBC and Lloyds TSBShared-services model helps UK banks achieve economies of scale in their payment processing operationsLONDON, October 27, 2009 - Unisys Corporation (NYSE:UIS) today announced that its UK joint venture subsidiary Intelligent Processing Solutions Limited (iPSL) has signed five-year outsourcing contract extensions with Lloyds TSB, Barclays and HSBC. The aggregate value of the contract extensions is estimated to be more than £UK315 million ($US500 million).
Established in 2000, iPSL provides outsourced cheque and credit clearing services for major banks in the UK. Lloyds TSB, Barclays and HSBC are all shareholders in the joint venture, along with majority shareholder Unisys.
iPSL provides large-scale, secure outsourcing services across the UK banking sector, including all aspects of cheque processing, image archive and retrieval, “lock-box” services, reconciliation and other related back-office functions.
Royston Hoggarth, chairman of iPSL, said, “By using a centralised, shared-services model that delivers significant economies of scale, iPSL enables our client banks to process payments with greater cost-efficiency than they could achieve individually. iPSL's combination of secure infrastructure and banking processes positions it well in coming years to help client banks in other closely related markets such as Account Servicing, including Imaging and Archiving and Regulatory Support.”
Rob Chapman, vice president and managing director, UK, Middle East and Africa, Unisys, added: “iPSL plays an important role in today’s UK economy. By providing a fully integrated, end-to-end service, it frees banks to focus on developing and delivering more financial products and banking services that provide better overall value to their customers.”
About iPSL About Unisys Unisys is a worldwide information technology company. We provide a portfolio of IT services, software, and technology that solves critical problems for clients. We specialize in helping clients secure their operations, increase the efficiency and utilization of their data centers, enhance support to their end users and constituents, and modernize their enterprise applications. To provide these services and solutions, we bring together offerings and capabilities in outsourcing services, systems integration and consulting services, infrastructure services, maintenance services, and high-end server technology. With approximately 23,000 employees, Unisys serves commercial organizations and government agencies throughout the world. For more information, visit www.unisys.com. Forward-Looking Statements
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