Fiserv Negotiating with Three of Australia's Largest Banks to Manage Operations of Proposed Vipro Check Processing Joint Venture
Fiserv Negotiating with Three of Australia's Largest Banks to Manage Operations of Proposed Vipro Check Processing Joint Venture
November 26, 2005
Fiserv Negotiating with Three of Australia's Largest Banks to Manage Operations of Proposed Vipro Check Processing Joint VentureBROOKFIELD, Wis.--Nov. 26, 2004--Fiserv, Inc. (Nasdaq:FISV) said it is negotiating with three of Australia's largest banks - Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation - to manage the operations of the banks' proposed Vipro Pty Ltd. check processing joint venture. Financial terms were not released.
The negotiations are expected to be complete in the near future. If terms can be reached, Commonwealth Bank, National Australia Bank and Westpac would then each seek formal internal approval to form a joint venture, which would contract with Fiserv. At that time, Fiserv would offer jobs to all of the banks' voucher processing employees and would manage all of the processing operations from within Australia.
"We plan to take our extensive experience in managing large-scale processing operations and combine that with the innovative ideas of the Vipro founding partners to create a world-class technology services organization in Australia," said Leslie M. Muma, Fiserv president and chief executive officer.
Fiserv is the largest third-party check processing provider in the United States. In addition, Fiserv is a partner in Intria Items, Inc., an item processing joint venture with the Canadian Imperial Bank of Commerce that is the largest provider of currency processing and the second largest provider of check processing in Canada. Fiserv also manages significant item processing operations for large banks including JPMorgan Chase Bank and Northern Trust Co.
Fiserv is North America's largest third-party check processing provider, annually handling more than 4.7 billion checks for more than 1,700 clients in the United States and Canada. In addition, the company's Information Technology, Inc. (ITI) and Fiserv Imagesoft units provide image-based check processing software used by more than 500 additional financial institutions to process checks in-house. Fiserv operates nearly 50 check-processing centers across the U.S., another six in Canada, two in Latin America and a U.S. image archive that adds nearly 7 million check images each day.
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, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.
The negotiations are expected to be complete in the near future. If terms can be reached, Commonwealth Bank, National Australia Bank and Westpac would then each seek formal internal approval to form a joint venture, which would contract with Fiserv. At that time, Fiserv would offer jobs to all of the banks' voucher processing employees and would manage all of the processing operations from within Australia.
"We plan to take our extensive experience in managing large-scale processing operations and combine that with the innovative ideas of the Vipro founding partners to create a world-class technology services organization in Australia," said Leslie M. Muma, Fiserv president and chief executive officer.
Fiserv is the largest third-party check processing provider in the United States. In addition, Fiserv is a partner in Intria Items, Inc., an item processing joint venture with the Canadian Imperial Bank of Commerce that is the largest provider of currency processing and the second largest provider of check processing in Canada. Fiserv also manages significant item processing operations for large banks including JPMorgan Chase Bank and Northern Trust Co.
Fiserv is North America's largest third-party check processing provider, annually handling more than 4.7 billion checks for more than 1,700 clients in the United States and Canada. In addition, the company's Information Technology, Inc. (ITI) and Fiserv Imagesoft units provide image-based check processing software used by more than 500 additional financial institutions to process checks in-house. Fiserv operates nearly 50 check-processing centers across the U.S., another six in Canada, two in Latin America and a U.S. image archive that adds nearly 7 million check images each day.
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, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.