Latest Outsourcing News: Finextra Research

Bank of America sells B2B e-payment and invoice business to Bottomline

Bank of America is selling its business-to-business electronic payment and invoice network, PayMode to Bottomline Technologies as part of a multi-year agreement with the vendor. Financial terms were not disclosed.

06 August 2009

News/Outsourcing

TCS Q1 profit soars as demand from banks picks up

Increased demand from financial services firms has led to better than expected first quarter earnings for Indian IT firm Tata Consultancy Services (TCS).

20 July 2009

News/Outsourcing

Citi outsources US lockbox services to First Data

Citi has agreed an outsourcing agreement with First Data, handing over the core processing elements of its US lockbox operations.

16 July 2009

News/Outsourcing

Delhi Stock Exchange to resume operations using IBM on-demand tech model

The Delhi Stock Exchange is to resume operations following a six-year hiatus after signing a 10-year pay-as-you-go IT services deal with IBM.

15 July 2009

News/Outsourcing

Iosco publishes exchange outsourcing guidelines

The International Organisation of Securities Commission (Iosco) has published a set of principles designed to assist exchange operators and regulators when considering outsourcing arrangements.

13 July 2009

News/Outsourcing

ANZ to shed staff as it restructures mortgage processing

ANZ is to shed 248 back office positions as it restructures its mortgage processing operations nationwide.

09 July 2009

News/Outsourcing

EDS wins American Express tech services deal

American Express has awarded a five year technology services contract to HP unit EDS in a deal the card outfit hopes will help slash IT costs.

06 July 2009

News/Outsourcing

Tsys knocked by Bank of America/First Data joint venture plans

Payments processor Tsys says it stand to lose four per cent of its annual revenue as a result of plans by Bank of America to switch its 240,000 merchant relationships to a new joint venture company in partnership with First Data.

01 July 2009

News/Outsourcing

Lloyds to cut 2100 more jobs; slashes IT contractor pay

Lloyds Banking Group is to cut another 2100 jobs in the UK, with the axe falling on operational support functions and payments services in offices across the country.

30 June 2009

News/Outsourcing

Clear2Pay acquires Dutch consultancy Ereon; launches 'Sepa in a box' for SDD processing

Belgian payments outfit Clear2Pay has acquired the assets of specialist Dutch consultancy Ereon. Financial terms were not disclosed.

30 June 2009

News/Outsourcing

Bank of America and First Data set up merchant processing JV

Bank of America has outsourced its merchant processing to a new joint venture company established with First Data.

29 June 2009

News/Outsourcing

Citi in talks to sell IT assets - Economic Times

Citibank is currently in discussions with Indian IT firms Tata Consultancy Services (TCS) and Wipro, among others, to sell some of its internal IT platforms, according to local press reports.

23 June 2009

News/Outsourcing

Global Payments acquires remaining 49% stake in HSBC Merchant Services JV

US transaction processor Global Payments has acquired the remaining 49% interest in its merchant services joint venture in the United Kingdom from HSBC Bank for $307.7 million in cash.

12 June 2009

News/Outsourcing

Capita acquires Capmark's European financial services units

UK outsourcer The Capita Group has acquired the European loan, asset management and commercial mortgage backed securities (CMBS) administration services of US-based Capmark Financial Group for a cash consideration of approximately £10 million.

05 June 2009

News/Outsourcing

Tieto axes 220 Finnish staff; lays off another 1500 temporarily

Troubled Scandinavian IT services vendor Tieto is cutting 220 jobs in Finland and temporarily laying off a further 1500 staff in the country as it looks to slash costs.

29 May 2009

News/Outsourcing

Experts gather to debate trends in capital markets, payments and IT outsourcing

Finexpo - Outsourcing Strategies on 4 June in London will feature keynote presentations from Société Générale and IBM. It will also feature panel discussions covering: cost reduction, creating strategic value, and managing outsourcing models, risks and locations; and outsourcing trends in global transaction banking.

26 May 2009

News/Outsourcing

Kas Bank outsources mainframe services to Atos Origin

Netherlands-based wholesale securities specialist Kas Bank has inked a two and a half year contract with Atos Origin for the outsourcing of mainframe services.

19 May 2009

News/Outsourcing

Xchanging to acquire DAB bank funds administration unit

UK-based BPO outfit Xchanging is to acquire the investment funds administration business of DAB bank for a total consideration of up to EUR21.4 million.

13 May 2009

News/Outsourcing

Credit Suisse to open second Indian back office

Credit Suisse plans to set up a second 'centre of excellence' in India and hire 350 staff by 2010, as it continues to offshore more jobs to cheaper locations.

22 April 2009

News/Outsourcing

CBA inks A$1bn telecomms deal with Telstra

Commonwealth Bank of Australia (CBA) has awarded Telstra a 10 year, A$1 billion managed services contract as it prepares for a major telecommunications network upgrade.

22 April 2009