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National Australia Bank, Westpac Banking Corporation and the Commonwealth Bank announced today that they have awarded a contract to Fiserv to provide cheque-processing services for the three banks from April 2005. The contract is worth in excess of AUD$600m over a term of 12 years. Fiserv will supply Day One cheque processing and image archive services to the banks.
In addition to providing technology improvements, the contract with Fiserv is expected to deliver scale and efficiency benefits in the face of declining cheque volumes.
Regional General Manager of Operations, Mark Steyn, said "with volumes in Australia declining at about 5% per annum, the National faced the need to reinvest in cheque processing capabilities in a declining market. By entering into the utility we have been able to avoid the cost of that investment whilst ensuring that all our staff have been offered jobs and that our high customer service levels are maintained."
All existing bank employees that work in the cheque processing areas will be offered positions with Fiserv, on at least similar terms and conditions to those that they are currently employed under.
About Fiserv
Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported US$3.4 billion in processing and services revenues for 2004. Fiserv can be found on the Internet at www.fiserv.com.
For further information:
Tim Rutherford
Corporate Affairs Manager, Operations
03 8634 1574 work
0417 212 501 mobile
Geoff Lynch
Head of Media Relations, Australia
03 8634 1564 work
0405 319 819 mobile
Or visit www.nabgroup.com
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