Fortis Commercial Finance (FCF), the commercial finance unit of Belgian-Dutch bank and insurer Fortis, has formed a business partnership with Electronic Data Systems (EDS) to provide back office services to the accounts receivable and commercial finance markets.
The agreement creates the largest, third party services provider for commercial finance in the Benelux region.
As part of the deal, a total of 26 staff will move from FCF to EDS.
FCF says the partnership will enable it to expand its portfolio of services and develop new revenue sources by offering commercial finance and accounts receivable services to third parties on a European scale, with primary focus on insourcing business both from factors and medium-sized to large firms.
Dirk Driessens, FCF chief executive officer, adds: "By combining best-of-breeds, we create a strong, independent platform to provide back-office services in the credit management and commercial finance markets."
EDS says the deal creates new business, sets new standards, and creates collaborative opportunities to assist companies become more agile in a competitive market.
In addition, EDS will provide application support and maintenance of FCF's existing legacy environment under a seven-year IT services contract.