British banking group Lloyds TSB is offshoring its finance and accounting (F&A) operations to India under a five year deal with UK IT services firm Xansa.
Under the agreement Xansa will provide the bank with accounts payable, employee expenses and fixed asset accounting services from its offshore delivery centres in India.
The vendor says it will process over 330,000 invoices and 144,000 expenses for Lloyds TSB each month.
Xansa, which already provides offshore back office services to Lloyds TSB from its Indian centres, says the deal is one of the first F&A contracts within the UK financial services industry.
Financial terms of the contract were not disclosed.