Unisys has won a business process outsourcing contract for cheque clearing services with Malaysia's largest financial services institution, Malayan Banking Berhad (Maybank), worth an estimated $26 million over the next seven years.
Unisys will provide the outsourcing services to Maybank at four locations covering eight states in Malaysia.
"Maybank alone handles about one quarter of the daily total of Malaysia's cheque processing volume," says Hooi Lai Hoong, deputy president of Maybank.
Citing the usual cost and efficiency benefits, Hoong says the deal will also expedite new income streams for the bank through the delivery of lockbox and archive services to customers.
Cut-over to Unisys is expected to take place by May 2003.
The Malaysian win creates a new outpost for Unisys' cheque clearing business. The firm currently processes more than one third of all cheques in Australia and over half the cheques in the UK.