Outsourcing

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/Outsourcing

Lloyds renews Tsys processing deal

Tsys (TSS) today announced that Lloyds Banking Group, the UK's leading provider of current accounts, savings, personal loans, credit cards and mortgages, has renewed its agreement with Tsys to continue to process the bank’s UK commercial card portfolio.

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Al Taif Group, Iraq, signs with Covalent for outsourced card and payment processing

On the side lines of the biggest payments events of the region, Cards & Payments Middle East in Dubai, Al Taif Money Transfer Co (TMT), a subsidiary of Al Taif Group Iraq signed up Covalent (supported by UnionPay International - Al Taif Official Payroll Payment Card Solution), a Joint Venture of TPS and Access Group for powering up their entire Cards & Payments Infrastructure.

Tech Mahindra agrees £112m Target Group acquisition

/Outsourcing

Tech Mahindra agrees £112m Target Group acquisition

Indian IT services group Tech Mahindra has agreed to buy Target Group, a UK business process outsourcing (BPO) and software provider to financial institutions, for an enterprise value of £112 million.

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Tieto and Sparbanken Syd sign outsourcing agreement for securities business

Tieto has signed an agreement with Sparbanken Syd for the bank’s securities business. The agreement is valid for five years and covers IT systems, operations and back office services.

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Chase Bank Kenya migrates card portfolio to OpenWay's Way4 platform

Chase Bank Kenya, an innovative and fast-growing bank with an ambitious strategy across Africa, has successfully migrated its full card portfolio to the WAY4 payment software platform from Electra Card System.

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Northern Trust enhances servicing for private equity

In response to increased demand for outsourced alternative asset administration, Northern Trust announced today enhancements to its private equity support with the launch of its capital call execution service.

Bank cost-cutting driving uptake of financial industry utilities

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Bank cost-cutting driving uptake of financial industry utilities

Top tier banks are increasingly open to the adoption of utility-based shared service models to drive down costs and increase efficiency in back office and compliance functions, according to research conducted by Finextra.

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IBM inks maintenance deal with Indian white label ATM operator

IBM (NYSE:IBM) today announced that it has entered into a seven year strategic relationship with BTI Payments Private Ltd, India’s fastest growing White Label ATM (WLA) operator, to transform its IT Infrastructure. BTI Payments, which runs over 3000 “India1” branded White Label ATMs will leverage IBM’s managed services solution to deploy and manage an incremental 4,000 Automated Teller Machines (ATM) across the country.

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Nationwide extends BT networking deal

BT today announced that it has won a six-year contract with Nationwide, the world’s largest building society, to continue to provide the network infrastructure underpinning its digital transformation strategy.

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LBBW transfers management of more than 700 branch systems to Wincor Nixdorf

Landesbank Baden Württemberg (LBBW) has commissioned Wincor Nixdorf to take over central operations management of its branch systems – consisting of automated teller machines, cash recyclers, self-service terminals and automated teller safes – to ensure more efficient self-service and higher system availability.

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DNB Bank awards five-year application outsourcing deal to Infosys

Infosys (INFY), a global leader in consulting, technology, outsourcing and next-generation services, today announced that it has won a contract to transform the application landscape of DNB Bank of Norway.

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Tieto and ICA Banken sign outsourcing agreement for securities business

Tieto has signed a five-year outsourcing agreement with ICA Banken for operations, system and back office services for the bank’s securities business.

Infosys to create 250 fintech jobs in Ireland

/Outsourcing

Infosys to create 250 fintech jobs in Ireland

Indian IT services group Infosys is promising to create 250 fintech-related jobs in Ireland over the next three years.

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Freedom Credit Union selects Symitar

Jack Henry & Associates, Inc. (JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its Symitar® division announced today that Freedom Credit Union has selected EASE™, the outsourced delivery model of the Episys® core processing system.

PRA fines Raphaels Bank £1.3 million for bungled outsourcing deal

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PRA fines Raphaels Bank £1.3 million for bungled outsourcing deal

The Prudential Regulation Authority (PRA) has fined Raphaels Bank £1.3 million for "potentially putting its safety and soundness at risk" by failing to properly manage an outsourcing deal for its cash machines.

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Deutsche Bank awards application development and maintenance services contract to HCL Technologies

HCL Technologies (HCL), a leading global IT services provider, today announced that it has signed an Application Development and Maintenance contract with Deutsche Bank.

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Mitsubishi UFJ goes live on SunGard hosted lending and corporate actions platforms

Mitsubishi UFJ Trust & Banking Corporation (U.S.A.) (MUTU), a leading international trust bank, is now live on SunGard’s managed services platform for global lending and corporate actions processing.

Xchanging receives two takeover offers

/Outsourcing

Xchanging receives two takeover offers

Shares in Xchanging soared 50% on Monday on news that the London-based back office processing provider has received separate takeover offers from Capita and Apollo Global Management.

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SocGen launches dealing desk outsourcing service

Societe Generale Securities Services (SGSS) has launched I-DEAL, a new dealing desk outsourcing service for asset (discretionary and collective) and investment managers which covers the entire range of asset classes and global markets.

/Outsourcing

Empaxis launches in Europe; opens London office

Empaxis Data Management, experts in middle and back-office outsourcing for investment management firms, recently announced expansion into the European market. Empaxis has opened an office in London and has launched Empaxis Europe Limited.

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