Halifax Bank of Scotland has signed a ten-year, £85 million outsourcing deal with iPSL, a cheque clearing joint venture managed by Unisys in conjunction with minority shareholders Barclays, LloydsTSB and HSBC.
Under the terms of the 10-year contract, which becomes effective on 29 October, 2003, iPSL will manage the majority of HBOS' paper clearing services, including cheque clearing and remittance processing.
Founded in 2000, iPSL customers include Barclays, HSBC, Lloyds TSB, Alliance & Leicester and Co-operative Bank.