LONDON, June 10 /PRNewswire-FirstCall/ -- Unisys Corporation (NYSE: UIS) today announced that its wholly owned subsidiary, Unisys Payment Services Limited, has won a five-year extension of its cheque processing contract with The Co-operative Bank. The extension, signed in the first quarter of 2010, has an estimated value in excess of 30 million pounds Sterling ($US43million).
Under the extension, Unisys will continue providing outsourced cheque processing and image archiving services to The Co-operative Bank until 2015. The Co-operative Bank is part of The Co-operative Group, the UK's largest consumer co-operative.
Unisys has been an outsourcing services partner to The Co-operative Bank since 1994.
"During the contract term The Co-operative Bank will require Unisys to process hundreds of millions of cheques," said John Hughes, director Retail Products at The Co-operative Bank. "Partnering with Unisys makes it easier for us to service the substantial needs of our Personal and Corporate customers for a reliable and efficient cheque clearing facility. Using Unisys cheque processing services, we can reduce risk, improve operational effectiveness and maintain a high standard of customer service."
As part of the contract extension, The Co-operative Bank will also have access to Unisys online cheque image archive – the Unisys Payment Information Engine (PIE). This system, designed specifically for storage of cheque images, provides visual, online access to cheques, so staff can quickly perform critical tasks such as resolving customer queries or investigating allegations of fraud.
Rob Chapman, managing director of Unisys UK and Ireland, said, "We look forward to continuing our work with The Co-operative Bank, delivering a cheque processing solution that allows them to manage the changing payments landscape, while focusing more intensively on serving customers in the core areas of their business."
Unisys is a worldwide information technology company. We provide a portfolio of IT services, software, and technology that solves critical problems for clients. We specialize in helping clients secure their operations, increase the efficiency and utilization of their data centres, enhance support to their end users and constituents, and modernize their enterprise applications. To provide these services and solutions, we bring together offerings and capabilities in outsourcing services, systems integration and consulting services, infrastructure services, maintenance services, and high-end server technology. With approximately 24,000 employees, Unisys serves commercial organizations and government agencies throughout the world. For more information, visit www.unisys.com.
Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. In particular, the estimated value of the cheque clearing services contract extension with The Co-operative Bank is dependent in part on fees that are based on the number of cheques processed by Unisys. Statements in this release regarding the total value of the contract extension are also based on the assumption that the agreement will continue for the full five-year term, and that The Co-operative Bank will not exercise its option to terminate the contract prior to the end of the term. Because the volume of cheques may be different from current forecasts and because the agreement is terminable before the end of its term, the values in this release are not guaranteed. Additional discussion of factors that could affect Unisys future results is contained in periodic filings with the Securities and Exchange Commission.
RELEASE NO.: 0610/8972
Unisys is a registered trademark of Unisys Corporation. All other brands and products referenced herein are acknowledged to be trademarks or registered trademarks of their respective holders.
SOURCE Unisys Corporation